Nucor (NUE) 10-Q 2014 Q3 Quarterly report

Exhibit 12

Nucor Corporation

2014 Form 10-Q

	Computation of Ratio of Earnings to Fixed Charges
	Year-ended December 31,															Nine Months Ended			Nine Months Ended
																October 4,			September 28,
	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		$	853,351		$	553,862
Plus: (earnings)/losses from equity investments		82,341			32,082			10,043			13,323			(9,297	)		(10,028	)		(2,665	)
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			138,164			118,302
Plus: amortization of capitalized interest		962			2,332			2,724			2,550			3,064			3,134			2,135
Plus: distributed income of equity investees		7,373			4,923			3,883			9,946			8,708			11,504			7,708
Less: interest capitalized		(16,390	)		(940	)		(3,509	)		(4,715	)		(10,913	)		(2,841	)		(4,510	)
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	)		(67,313	)		(77,582	)
Total earnings/(loss) before fixed charges	$	(229,240	)	$	396,028		$	1,364,903		$	964,706		$	849,309		$	925,971		$	597,250
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	166,313		$	162,213		$	182,321		$	178,218		$	162,899		$	137,236		$	117,487
Estimated interest on rent expense		2,004			1,413			1,220			951			1,229			928			815
Total fixed charges	$	168,317		$	163,626		$	183,541		$	179,169		$	164,128		$	138,164		$	118,302
Ratio of earnings to fixed charges		*			2.42			7.44			5.38			5.17			6.70			5.05

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