Leggett & Platt (LEG) 10-K2017 FY Annual report

Filed: 22 Feb 18, 12:00am

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													Exhibit 12

Leggett & Platt, Incorporated and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Amounts in millions of dollars)

	Twelve Months Ended
	December 31,
	2017			2016			2015			2014			2013			2012
Earnings:
Pre-tax income from continuing operations including equity-method investment earnings (a)	$	432.0		$	487.1		$	449.8		$	295.5		$	237.6		$	287.5
Add:
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness (including amount capitalized)	43.6			39.4			41.8			42.3			45.2			44.0
Portion of rental expense under operating leases representative of an interest factor (b)	17.1			17.1			17.3			17.0			16.5			16.0
Amortization of capitalized interest	1.0			.8			1.0			1.0			.9			.9
Less:
Equity-method investment (earnings) loss	(.4		)	(.5		)	(.4		)	(.3		)	(.5		)	(.6		)
Interest capitalized	(.1		)	(.6		)	(.7		)	(.5		)	(.5		)	(.6		)
Total Earnings (c)	$	493.2		$	543.3		$	508.8		$	355.0		$	299.2		$	347.2

Fixed Charges:
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness	$	43.5		$	38.8		$	41.1		$	41.8		$	44.7		$	43.4
Interest capitalized	.1			.6			.7			.5			.5			.6
Portion of rental expense under operating leases representative of an interest factor (b)	17.1			17.1			17.3			17.0			16.5			16.0
Total Fixed Charges	$	60.7		$	56.5		$	59.1		$	59.3		$	61.7		$	60.0

Ratio of Earnings to Fixed Charges	8.1			9.6			8.6			6.0			4.8			5.8



(a)	2012 and 2013 amounts have been retrospectively adjusted to reflect the reclassification of certain operations to discontinued operations.

(b)	Estimated portion of rent expense representing interest.

(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.