Snap-on (SNA) 10-K 2003 FY Annual report

Exhibit (12)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

	2003		2002			2001
Net earnings	$	78.7	$	106.0		$	19.0
Add (deduct):
Income taxes		38.0		58.0			26.1
Minority interest in earnings
of consolidated subsidiaries		3.1		3.4			2.7
Cumulative effect of a change in
accounting princple, net of tax		-		(2.8	)		2.5
Net earnings as defined		119.8		164.6			50.3
Fixed charges:
Interest on debt		24.4		28.7			35.5
Interest element of rentals		6.9		5.2			5.4
Total fixed charges		31.3		33.9			40.9
Total adjusted earnings available
for payment of fixed charges	$	151.1	$	198.5		$	91.2
Ratio of earnings to fixed charges		4.8		5.9			2.2

For purpose of computing this ratio, “Net earnings” consist of (a) income from continuing operations before income taxes and adjusted for minority interest, and (b) “Fixed Charges,” consists of interest on debt and the estimated interest portion of rents.