EXHIBIT 12 INGERSOLL-RAND COMPANY COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar amounts in millions) For the six months ended June 30, 1997 Fixed charges: Interest expense $58.2 Amortization of debt discount and expense .7 Rentals (one-third of rentals) 12.3 Capitalized interest 1.4 Total fixed charges $72.6 Net earnings $189.4 Add: Minority income (loss of majority- owned subsidiaries 10.6 Taxes on income 122.1 Fixed charges 72.6 Less: Capitalized interest 1.4 Undistributed earnings(losses) from less than 50% owned affiliates 11.5 Earnings available for fixed charges $381.8 Ratio of earnings to fixed charges 5.26 Undistributed earnings (losses) from less than 50% owned affiliates: Equity in earnings (losses) $14.2 Less: Dividends paid 2.7 Undistributed earnings (losses) from less-than 50% owned affiliates $11.5