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EXHIBIT 12.01
EASTMAN CHEMICAL COMPANY AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
Third Quarter | First Nine Months | |||||||
| (Dollars in millions) | 2004 | 2003 | 2004 | 2003 | ||||
| Earnings before income taxes and cumulative effect of | ||||||||
| changes in accounting principles | $ | 48 | $ | (471) | $ | 45 | $ | (393) |
| Add: | ||||||||
| Interest expense | 30 | 31 | 92 | 96 | ||||
| Appropriate portion of rental expense (1) | 3 | 0 | 11 | 13 | ||||
| Amortization of capitalized interest | 3 | 3 | 11 | 9 | ||||
| Earnings as adjusted | $ | 84 | $ | (437) | $ | 159 | $ | (275) |
| Fixed charges: | ||||||||
| Interest expense | $ | 30 | $ | 31 | $ | 92 | $ | 96 |
| Appropriate portion of rental expense (1) | 3 | 0 | 11 | 13 | ||||
| Capitalized interest | 1 | 1 | 3 | 3 | ||||
| Total fixed charges | $ | 34 | $ | 32 | $ | 106 | $ | 112 |
| Ratio of earnings to fixed charges | 2.5x | (A) | 1.5x | (A) | ||||
| (1) | For all periods presented, the interest component of rental expense is estimated to equal one-third of such expense. |
| (A) | Due to the net loss reported, the coverage ratio was less than 1x. To achieve a coverage ratio of 1x, additional pre-tax earnings of $469 million and $387 million would have been required for the third quarter and first nine months 2004, respectively. |
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