Exhibit 12
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, |
| ||||
|
| 2006 |
| 2005 |
| ||
Earnings before income taxes, and minority share owners’ interests. |
| $ | 56.7 |
| $ | 161.0 |
|
Less: Equity earnings |
| (5.5 | ) | (4.3 | ) | ||
Add: Total fixed charges deducted from earnings |
| 122.0 |
| 121.3 |
| ||
Proportional share of pre-tax earnings of 50% owned associates. |
| 2.5 |
| 1.8 |
| ||
Dividends received from equity investees |
| 28.4 |
|
|
| ||
Earnings available for payment of fixed charges |
| $ | 204.1 |
| $ | 279.8 |
|
|
|
|
|
|
| ||
Fixed charges (including the Company’s proportional share of 50% owned associates): |
|
|
|
|
| ||
|
|
|
|
|
| ||
Interest expense |
| $ | 115.4 |
| $ | 114.3 |
|
Portion of operating lease rental deemed to be interest |
| 2.6 |
| 2.8 |
| ||
Amortization of deferred financing costs anddebt discount expense |
| 4.0 |
| 4.2 |
| ||
Total fixed charges deducted from earnings and fixed charges |
| 122.0 |
| 121.3 |
| ||
|
|
|
|
|
| ||
Preferred stock dividends (increased to assumed pre-tax amount) |
| 8.8 |
| 7.1 |
| ||
|
|
|
|
|
| ||
Combined fixed charges and preferred stock dividends. |
| $ | 130.8 |
| $ | 128.4 |
|
|
|
|
|
|
| ||
Ratio of earnings to fixed charges |
| 1.7 |
| 2.3 |
| ||
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 1.6 |
| 2.2 |
| ||