Exhibit 12
Nucor Corporation
2013 Form 10-Q
| Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
| Nine Months | Nine Months | |||||||||||||||||||||||||||
| Year-ended December 31, | Ended | Ended | ||||||||||||||||||||||||||
| September 28, | September 29, | |||||||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 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 | $ | 553,862 | $ | 633,030 | |||||||||||||
Plus: (earnings)/losses from equity investments | 36,920 | 82,341 | 32,082 | 10,043 | 13,323 | (2,665 | ) | 9,093 | ||||||||||||||||||||
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 | 118,302 | 140,442 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 300 | 962 | 2,332 | 2,724 | 2,550 | 2,135 | 2,483 | |||||||||||||||||||||
Plus: distributed income of equity investees | 20,117 | 7,373 | 4,923 | 3,883 | 9,946 | 7,708 | 3,884 | |||||||||||||||||||||
Less: interest capitalized | (10,020 | ) | (16,390 | ) | (940 | ) | (3,509 | ) | (4,715 | ) | (4,510 | ) | (7,393 | ) | ||||||||||||||
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 | ) | (77,582 | ) | (65,160 | ) | ||||||||||||||
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Total earnings/(loss) before fixed charges | $ | 2,983,791 | $ | (229,240 | ) | $ | 396,028 | $ | 1,364,903 | $ | 964,706 | $ | 597,250 | $ | 716,379 | |||||||||||||
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Fixed charges | ||||||||||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | $ | 144,845 | $ | 166,313 | $ | 162,213 | $ | 182,321 | $ | 178,218 | $ | 117,487 | $ | 139,647 | ||||||||||||||
Estimated interest on rent expense | 1,515 | 2,004 | 1,413 | 1,220 | 951 | 815 | 795 | |||||||||||||||||||||
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Total fixed charges | $ | 146,360 | $ | 168,317 | $ | 163,626 | $ | 183,541 | $ | 179,169 | $ | 118,302 | $ | 140,442 | ||||||||||||||
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Ratio of earnings to fixed charges | 20.39 | * | 2.42 | 7.44 | 5.38 | 5.05 | 5.10 | |||||||||||||||||||||
| * | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557. |