Exhibit 12
McCormick & Company, Inc
Computation of Ratio of Earnings to Fixed Charges
(in millions)
| May 31 | Year ended November 30th | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Net income from consolidated operations | 136.4 | 344.7 | 283.5 | 237.2 | 210.2 | 158.3 | ||||||||||||||||||
Income tax expense | 60.4 | 118.0 | 133.0 | 100.6 | 92.2 | 64.7 | ||||||||||||||||||
Income from consolidated operations before income taxes | 196.8 | 462.7 | 416.5 | 337.8 | 302.4 | 223.0 | ||||||||||||||||||
Plus fixed charges: | ||||||||||||||||||||||||
Interest expense | 24.5 | 49.3 | 52.8 | 56.7 | 60.6 | 53.7 | ||||||||||||||||||
Capitalized interest | — | — | 0.2 | 0.9 | — | — | ||||||||||||||||||
Interest included in rent expense | 4.6 | 9.1 | 8.9 | 9.2 | 9.0 | 8.5 | ||||||||||||||||||
Total fixed charges | 29.1 | 58.4 | 61.9 | 66.8 | 69.6 | 62.2 | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Amortization of capitalized interest | 0.5 | 1.2 | 1.2 | 1.1 | 1.2 | 1.1 | ||||||||||||||||||
Dividends from unconsolidated subsidiaries | 10.5 | 18.0 | 10.9 | 13.4 | 19.5 | 18.4 | ||||||||||||||||||
| 11.0 | 19.2 | 12.1 | 14.5 | 20.7 | 19.5 | |||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | — | — | (0.2 | ) | (0.9 | ) | — | — | ||||||||||||||||
Adjusted earnings | 236.9 | 540.3 | 490.3 | 418.2 | 392.7 | 304.7 | ||||||||||||||||||
Ratio of earnings to fixed charges | 8.15 | 9.25 | 7.92 | 6.26 | 5.64 | 4.90 | ||||||||||||||||||
