Leggett & Platt, Incorporated and Subsidiaries | Exhibit 12 | ||||||||||||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||||||||
(Amounts in millions of dollars) | |||||||||||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||||
Pre-tax income from continuing operations including equity-method investment earnings (a) | $ | 237.6 | $ | 287.5 | $ | 234.4 | $ | 246.0 | $ | 175.9 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness (including amount capitalized) | 45.2 | 44.0 | 38.8 | 38.1 | 38.2 | ||||||||||||||||||||||||||
Portion of rental expense under operating leases representative of an interest factor (b) | 16.5 | 16.0 | 14.6 | 15.4 | 16.9 | ||||||||||||||||||||||||||
Amortization of capitalized interest | .9 | .9 | 1.0 | 1.0 | .9 | ||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||
Equity-method investment (earnings) loss | (.5) | (.6) | (.4) | (.1) | .6 | ||||||||||||||||||||||||||
Interest capitalized | (.5) | (.6) | (.7) | (.4) | (.9) | ||||||||||||||||||||||||||
Total Earnings (c) | $ | 299.2 | $ | 347.2 | $ | 287.7 | $ | 300.0 | $ | 231.6 | |||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||||
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness | $ | 44.7 | $ | 43.4 | $ | 38.1 | $ | 37.7 | $ | 37.3 | |||||||||||||||||||||
Interest capitalized | .5 | .6 | .7 | .4 | .9 | ||||||||||||||||||||||||||
Portion of rental expense under operating leases representative of an interest factor (b) | 16.5 | 16.0 | 14.6 | 15.4 | 16.9 | ||||||||||||||||||||||||||
Total Fixed Charges | $ | 61.7 | $ | 60.0 | $ | 53.4 | $ | 53.5 | $ | 55.1 | |||||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 4.8 | 5.8 | 5.4 | 5.6 | 4.2 | ||||||||||||||||||||||||||
_________________ | |||||||||||||||||||||||||||||||
(a) 2009 - 2013 amounts have been retrospectively adjusted to reflect the reclassification of certain operations to discontinued operations. | |||||||||||||||||||||||||||||||
(b) Amounts represent those portions of rental expense (one-third) that are reasonable approximations of interest costs. | |||||||||||||||||||||||||||||||
(c) Earnings consist principally of income from continuing operations before income taxes, plus fixed charges less capitalized interest. Fixed charges consist principally of interest costs. |
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