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OWENS-ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
| | Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|---|
| | 2005 | 2004 | |||||
| Earnings before income taxes, and minority share owners' interests | $ | 161.0 | $ | 47.2 | |||
| Less: Equity earnings | (4.3 | ) | (5.6 | ) | |||
| Add: Total fixed charges deducted from earnings | 121.3 | 104.9 | |||||
| Proportional share of pre-tax earnings of 50% owned associates | 1.8 | 2.8 | |||||
| Dividends received from equity investees | — | 2.3 | |||||
| Earnings available for payment of fixed charges | $ | 279.8 | $ | 151.6 | |||
Fixed charges (including the Company's proportional share of 50% owned associates): | |||||||
| Interest expense | $ | 114.3 | $ | 97.7 | |||
| Portion of operating lease rental deemed to be interest | 2.8 | 4.0 | |||||
| Amortization of deferred financing costs and debt discount expense | 4.2 | 3.2 | |||||
| Total fixed charges deducted from earnings and fixed charges | 121.3 | 104.9 | |||||
Preferred stock dividends (increased to assumed pre-tax amount) | 7.1 | 7.7 | |||||
| Combined fixed charges and preferred stock dividends | $ | 128.4 | $ | 112.6 | |||
| Ratio of earnings to fixed charges | 2.3 | 1.4 | |||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 2.2 | 1.3 | |||||
OWENS-ILLINOIS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in millions)