Exhibit 12
Nucor Corporation
2012 Form 10-Q
Computation of Ratio of Earnings to Fixed Charges
Year-ended December 31, | Three Months Ended March 31, 2012 | Three Months Ended April 2, 2011 | ||||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | 2,546,816 | $ | 3,104,391 | $ | (413,978 | ) | $ | 267,115 | $ | 1,251,812 | $ | 225,062 | $ | 266,255 | |||||||||||||
Plus/(Less): losses/(earnings) from equity investments | 24,618 | 36,920 | 82,341 | 32,082 | 10,043 | 6,674 | 4,210 | |||||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 55,381 | 146,360 | 168,317 | 163,626 | 183,541 | 47,208 | 46,972 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 216 | 300 | 962 | 2,332 | 2,724 | 872 | 589 | |||||||||||||||||||||
Plus: distributed income of equity investees | 8,072 | 20,117 | 7,373 | 4,923 | 3,883 | 3,884 | — | |||||||||||||||||||||
Less: interest capitalized | (3,700 | ) | (10,020 | ) | (16,390 | ) | (940 | ) | (3,509 | ) | (1,982 | ) | (1,032 | ) | ||||||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges | (293,604 | ) | (314,277 | ) | (57,865 | ) | (73,110 | ) | (83,591 | ) | (18,308 | ) | (22,231 | ) | ||||||||||||||
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Total earnings/(loss) before fixed charges | $ | 2,337,799 | $ | 2,983,791 | $ | (229,240 | ) | $ | 396,028 | $ | 1,364,903 | $ | 263,410 | $ | 294,763 | |||||||||||||
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Fixed charges | ||||||||||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | $ | 55,052 | $ | 144,845 | $ | 166,313 | $ | 162,213 | $ | 182,321 | $ | 46,963 | $ | 46,665 | ||||||||||||||
Estimated interest on rent expense | 329 | 1,515 | 2,004 | 1,413 | 1,220 | 245 | 307 | |||||||||||||||||||||
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Total fixed charges | $ | 55,381 | $ | 146,360 | $ | 168,317 | $ | 163,626 | $ | 183,541 | $ | 47,208 | $ | 46,972 | ||||||||||||||
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Ratio of earnings to fixed charges | 42.21 | 20.39 | * | 2.42 | 7.44 | 5.58 | 6.28 |
* | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557. |