Exhibit 12
Nucor Corporation
2014 Form 10-K
Computation of Ratio of Earnings to Fixed Charges
Year-ended December 31, | ||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Earnings before income taxes and noncontrolling interests | $ | 267,115 | $ | 1,251,812 | $ | 852,940 | $ | 791,123 | $ | 1,204,577 | ||||||||||
Plus: (earnings)/losses from equity investments | 32,082 | 10,043 | 13,323 | (9,297 | ) | (13,505 | ) | |||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) |
| 163,626 |
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| 183,541 |
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| 179,169 |
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| 164,128 |
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| 178,240 |
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Plus: amortization of capitalized interest | 2,332 | 2,724 | 2,550 | 3,064 | 4,166 | |||||||||||||||
Plus: distributed income of equity investees | 4,923 | 3,883 | 9,946 | 8,708 | 53,738 | |||||||||||||||
Less: interest capitalized | (940 | ) | (3,509 | ) | (4,715 | ) | (10,913 | ) | (2,946 | ) | ||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges |
| (73,110 | ) |
| (83,591 | ) |
| (88,507 | ) |
| (97,504 | ) |
| (101,844 | ) | |||||
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Total earnings before fixed charges | $ | 396,028 | $ | 1,364,903 | $ | 964,706 | $ | 849,309 | $ | 1,322,426 | ||||||||||
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Fixed charges | ||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | $ | 162,213 | $ | 182,321 | $ | 178,218 | $ | 162,899 | $ | 177,088 | ||||||||||
Estimated interest on rent expense | 1,413 | 1,220 | 951 | 1,229 | 1,152 | |||||||||||||||
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Total fixed charges | $ | 163,626 | $ | 183,541 | $ | 179,169 | $ | 164,128 | $ | 178,240 | ||||||||||
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Ratio of earnings to fixed charges | 2.42 | 7.44 | 5.38 | 5.17 | 7.42 |