Cytec Industries 10-K 2010 FY Annual report

Exhibit 12

Cytec Industries Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollar amounts in millions)

	Year Ended December 31,
	2010			2009			2008
Earnings from continuing operations before income taxes, equity in earnings of associated companies, minority interest and cumulative effect of accounting change (1)	$	194.3		$	(20.4	)	$	(163.2	)
Add:
Distributed income of associated companies		1.4			2.0			2.4
Amortization of capitalized interest		2.2			1.9			2.4
Fixed charges		45.9			44.3			46.2
Less:
Capitalized interest		(3.1	)		(8.2	)		(3.0	)
Minority interest		(2.8	)		(1.6	)		(1.8	)
Earnings as adjusted	$	237.9		$	18.0		$	(117.0	)
Fixed charges:
Interest on indebtedness including amortized premiums, discount and deferred financing costs (3)	$	42.1		$	39.8		$	41.6
Portion of rents representative of the interest factor		3.8			4.5			4.6
Fixed charges	$	45.9		$	44.3		$	46.2
Ratio of earnings to fixed charges (2)		5.2			0.4			N/A

(1) 2008 includes a $385.0 before tax non-cash goodwill impairment charge ($358.3 after tax).

(2) In order to achieve a one-to-one ratio of earnings to fixed charges for the year ended December 31, 2008, earnings would need to increase by $163.2.

(3) Interest on unrecognized tax benefits is not included as it is recognized as part of income tax expense.