Nucor (NUE) 10-Q 2015 Q2 Quarterly report

Exhibit 12

Nucor Corporation

2015 Form 10-Q

	Computation of Ratio of Earnings to Fixed Charges
	Year-ended December 31,															Six Months Ended			Six Months Ended
																July 4,			July 5,
	2010			2011			2012			2013			2014			2015			2014
	(In thousands, except ratios)
Earnings
Earnings/(loss) before income taxes and noncontrolling interests	$	267,115		$	1,251,812		$	852,940		$	791,123		$	1,204,577		$	335,267		$	449,366
Plus: (earnings)/losses from equity investments		32,082			10,043			13,323			(9,297	)		(13,505	)		(435	)		(7,676	)
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		163,626			183,541			179,169			164,128			178,240			88,876			91,027
Plus: amortization of capitalized interest		2,332			2,724			2,550			3,064			4,166			1,877			2,198
Plus: distributed income of equity investees		4,923			3,883			9,946			8,708			53,738			12,142			11,504
Less: interest capitalized		(940	)		(3,509	)		(4,715	)		(10,913	)		(2,946	)		(91	)		(2,638	)
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	)		(51,081	)		(38,559	)
Total earnings/(loss) before fixed charges	$	396,028		$	1,364,903		$	964,706		$	849,309		$	1,322,426		$	386,555		$	505,222
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	162,213		$	182,321		$	178,218		$	162,899		$	177,088		$	88,310		$	90,408
Estimated interest on rent expense		1,413			1,220			951			1,229			1,152			566			619
Total fixed charges	$	163,626		$	183,541		$	179,169		$	164,128		$	178,240		$	88,876		$	91,027
Ratio of earnings to fixed charges		2.42			7.44			5.38			5.17			7.42			4.35			5.55