The Sherwin-Williams Company (SHW) 8-K Other Events

Exhibit 12.1

Unaudited Pro Forma Computation of Ratio of Earnings to Fixed Charges

The ratios of earnings to fixed charges on a consolidated basis for the periods indicated were as follows:

	Three Months Ended March 31,				Year Ended December 31,
	2017		2016		2016		2015		2014		2013		2012
	(Dollars in millions) (Unaudited)
Fixed Charges:
Interest expense (a)	$	26	$	26	$	154	$	62	$	64	$	63	$	43
Rent expense		36		34		138		130		125		108		103
Total fixed charges	$	62	$	60	$	292	$	192	$	189	$	171	$	146
Earnings:
Income before taxes	$	307	$	216	$	1,595	$	1,549	$	1,258	$	1,086	$	907
Fixed charges per above		62		60		292		192		189		171		146
Total earnings, as adjusted	$	369	$	276	$	1,887	$	1,741	$	1,447	$	1,257	$	1,053
Ratio of Earnings to Fixed Charges		6.0		4.6		6.5		9.1		7.7		7.4		7.2

The pro forma ratio of earnings to fixed charges on a consolidated basis for the periods indicated were as follows:

	Three Months Ended March 31, 2017		Year Ended December 31, 2016
Pro Forma Fixed Charges:
Interest expense (a)	$	107	$	430
Rent expense		39		151
Total fixed charges	$	146	$	581
Pro Forma Earnings:
Income before taxes	$	244	$	1,640
Fixed charges per above		146		581
Total earnings, as adjusted	$	390	$	2,221
Pro Forma Ratio of Earnings to Fixed Charges		2.7		3.8

(a) The interest expense included in fixed charges above reflects only interest on third party indebtedness and excludes any interest expense accrued on uncertain tax positions, as permitted by Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740, Income Taxes.