EXHIBIT 12 INGERSOLL-RAND COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands) For the Six Months Ended June 30, 1995 Fixed charges: Interest expense . . . . . . . . . . . . . . . $ 28,741 Amortization of debt discount and expense . . . 156 Rentals (one-third of rentals) . . . . . . . . 10,395 Capitalized interest . . . . . . . . . . . . . 1,250 Total fixed charges . . . . . . . . . . . . . . . $ 40,542 Net earnings . . . . . . . . . . . . . . . . . . $112,912 Add: Minority income (loss) of majority- owned subsidiaries . . . . . . . . . . . 5,809 Taxes on income . . . . . . . . . . . . . . 66,313 Fixed charges . . . . . . . . . . . . . . . 40,542 Less: Capitalized interest . . . . . . . . . . . 1,250 Undistributed earnings (losses) from less than 50% owned affiliates . . . . . 10,136 Earnings available for fixed charges . . . . . . $214,190 Ratio of earnings to fixed charges . . . . . . . 5.28 Undistributed earnings (losses) from less than 50% owned affiliates: Equity in earnings (losses) . . . . . . . . . . $ 12,483 Less: Dividends paid . . . . . . . . . . . . 2,347 Undistributed earnings (losses) from less-than 50% owned affiliates . . . . . . . $ 10,136