PPG Industries (PPG) 10-K 2004 FY Annual report

Exhibit 12

PPG INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

	Year Ended December 31
	2004		2003		2002			2001		2000
Earnings:
Earnings (loss) before income taxes and net earnings of equity affiliates	$	1,042	$	847	$	(27	)	$	651	$	978
Plus:
Fixed charges exclusive of capitalized interest		132		153		168			208		217
Amortization of capitalized interest		10		10		11			10		10
Adjustments for equity affiliates		6		3		6			26		20
Total	$	1,190	$	1,013	$	158		$	895	$	1,225
Fixed Charges:
Interest expense including amortization of debt discount/premium and debt expense	$	90	$	107	$	128		$	169	$	177
Rentals - portion representative of interest		42		46		40			39		40
Fixed charges exclusive of capitalized interest		132		153		168			208		217
Capitalized interest		3		3		5			13		16
Total	$	135	$	156	$	173		$	221	$	233
Ratio of earnings to fixed charges		8.8		6.5		—			4.0		5.3
Deficiency of earnings to fixed charges	$	—	$	—	$	(15	)	$	—	$	—