Exhibit 12
Nucor Corporation
2014 Form 10-Q
Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Three Months | Three Months | |||||||||||||||||||||||||||
Year-ended December 31, | Ended | Ended | ||||||||||||||||||||||||||
April 5, | March 30, | |||||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | (413,978 | ) | $ | 267,115 | $ | 1,251,812 | $ | 852,940 | $ | 791,123 | $ | 207,501 | $ | 153,328 | |||||||||||||
Plus: (earnings)/losses from equity investments | 82,341 | 32,082 | 10,043 | 13,323 | (9,297 | ) | (4,474 | ) | 1,172 | |||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 168,317 | 163,626 | 183,541 | 179,169 | 164,128 | 43,806 | 38,569 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 962 | 2,332 | 2,724 | 2,550 | 3,064 | 1,180 | 696 | |||||||||||||||||||||
Plus: distributed income of equity investees | 7,373 | 4,923 | 3,883 | 9,946 | 8,708 | — | 6,708 | |||||||||||||||||||||
Less: interest capitalized | (16,390 | ) | (940 | ) | (3,509 | ) | (4,715 | ) | (10,913 | ) | (1,602 | ) | (4,621 | ) | ||||||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges | (57,865 | ) | (73,110 | ) | (83,591 | ) | (88,507 | ) | (97,504 | ) | (18,665 | ) | (25,939 | ) | ||||||||||||||
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Total earnings/(loss) before fixed charges | $ | (229,240 | ) | $ | 396,028 | $ | 1,364,903 | $ | 964,706 | $ | 849,309 | $ | 227,746 | $ | 169,913 | |||||||||||||
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Fixed charges | ||||||||||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | $ | 166,313 | $ | 162,213 | $ | 182,321 | $ | 178,218 | $ | 162,899 | $ | 43,496 | $ | 38,302 | ||||||||||||||
Estimated interest on rent expense | 2,004 | 1,413 | 1,220 | 951 | 1,229 | 310 | 267 | |||||||||||||||||||||
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Total fixed charges | $ | 168,317 | $ | 163,626 | $ | 183,541 | $ | 179,169 | $ | 164,128 | $ | 43,806 | $ | 38,569 | ||||||||||||||
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Ratio of earnings to fixed charges | * | 2.42 | 7.44 | 5.38 | 5.17 | 5.20 | 4.41 |
* | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557. |