Nucor (NUE) 10-K 2012 FY Annual report

Exhibit 12

Nucor Corporation

2012 Form 10-K

Computation of Ratio of Earnings to Fixed Charges

	Year-ended December 31,
	2008			2009			2010			2011			2012
	(In thousands, except ratios)
Earnings
Earnings/(loss) before income taxes and noncontrolling interests	$	3,104,391		$	(413,978	)	$	267,115		$	1,251,812		$	852,940
Plus: losses from equity investments		36,920			82,341			32,082			10,043			13,323
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		146,360			168,317			163,626			183,541			179,169
Plus: amortization of capitalized interest		300			962			2,332			2,724			2,550
Plus: distributed income of equity investees		20,117			7,373			4,923			3,883			9,946
Less: interest capitalized		(10,020	)		(16,390	)		(940	)		(3,509	)		(4,715	)
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges		(314,277	)		(57,865	)		(73,110	)		(83,591	)		(88,507	)
Total earnings/(loss) before fixed charges	$	2,983,791		$	(229,240	)	$	396,028		$	1,364,903		$	964,706
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	144,845		$	166,313		$	162,213		$	182,321		$	178,218
Estimated interest on rent expense		1,515			2,004			1,413			1,220			951
Total fixed charges	$	146,360		$	168,317		$	163,626		$	183,541		$	179,169
Ratio of earnings to fixed charges		20.39			*			2.42			7.44			5.38

* Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557.