INGERSOLL-RAND COMPANY EXHIBIT 12
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollar Amounts in Millions)
For the
For the Year Ended Three Months Ended
December 31, 1994 March 31, 1995
Historical Pro forma* Historical Pro forma*
Fixed charges:
Interest expense........................... $ 46.9 $142.6 $ 9.8 $ 33.3
Amortization of debt discount and expense.. 0.4 0.4 0.1 0.1
Rentals (one-third of rentals)............. 18.8 21.4 5.2 5.8
Capitalized interest....................... 3.2 3.2 0.6 0.6
Total fixed charges.......................... $ 69.3 $167.6 $15.7 $ 39.8
Earnings from continuing operations.......... $211.1 $198.8 $46.3 $ 49.0
Add: Minority income (loss) of majority-
owned subsidiaries.................. 15.1 15.1 2.5 2.5
Taxes on income....................... 118.8 125.0 26.0 30.7
Fixed charges......................... 69.3 167.6 15.7 39.8
Less: Capitalized interest.................. 3.2 3.2 0.6 0.6
Undistributed earnings (losses) from
less than 50% owned affiliates...... 33.3 33.3 3.0 3.0
Earnings available for fixed charges ........ $377.8 $470.0 $86.9 $118.4
Ratio of earnings to fixed charges .......... 5.45 2.80 5.54 2.97
Undistributed earnings (losses) from less
than 50% owned affiliates:
Equity in earnings (losses)................ $ 36.6 $ 36.6 $ 3.0 $ 3.0
Less: Dividends paid ................... 3.3 3.3 0.0 0.0
Undistributed earnings (losses) from
less-than 50% owned affiliates........... $ 33.3 $ 33.3 $ 3.0 $ 3.0
* The pro forma ratios of earnings to fixed charges for the year ended December 31,
1994 and for the three months ended March 31, 1995 are based on the pro forma income
statements filed in Item 7 of Form 8K, which this exhibit is filed with. The pro
forma ratio presented is for informational purposes only and it is not necessarily
indicative of what would have been, had Ingersoll-Rand Company's acquisition of
Clark Equipment Company and Clark Equipment Company's acquisition of Blaw-Knox
Construction Equipment Corporation and Club Car, Inc. and Clark Equipment Company's
disposition of VME Group N.V. been consummated at the beginning of the respective periods.
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