Nucor (NUE) 10-Q 2016 Q1 Quarterly report

Exhibit 12

Nucor Corporation

2016 Form 10-Q

	Computation of Ratio of Earnings to Fixed Charges
	Year-ended December 31,															Three Months Ended			Three Months Ended
																April 2,			April 4,
	2011			2012			2013			2014			2015			2016			2015
	(In thousands, except ratios)
Earnings
Earnings before income taxes and noncontrolling interests	$	1,251,812		$	852,940		$	791,123		$	1,204,577		$	709,238		$	141,526		$	119,045
Plus: losses (earnings) from equity investments		10,043			13,323			(9,297	)		(13,505	)		(5,329	)		(9,245	)		259
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		183,541			179,169			164,128			178,240			178,941			47,751			45,444
Plus: amortization of capitalized interest		2,724			2,550			3,064			4,166			4,062			968			1,003
Plus: distributed income of equity investees		3,883			9,946			8,708			53,738			15,132			36,015			—
Less: interest capitalized		(3,509	)		(4,715	)		(10,913	)		(2,946	)		(311	)		(100	)		(91	)
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges		(83,591	)		(88,507	)		(97,504	)		(101,844	)		(138,425	)		(33,707	)		(16,492	)
Total earnings before fixed charges	$	1,364,903		$	964,706		$	849,309		$	1,322,426		$	763,308		$	183,208		$	149,168
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	182,321		$	178,218		$	162,899		$	177,088		$	177,855		$	47,474		$	45,160
Estimated interest on rent expense		1,220			951			1,229			1,152			1,086			277			284
Total fixed charges	$	183,541		$	179,169		$	164,128		$	178,240		$	178,941		$	47,751		$	45,444
Ratio of earnings to fixed charges		7.44			5.38			5.17			7.42			4.27			3.84			3.28