EXHIBIT 12 INGERSOLL-RAND COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in millions) For the nine months ended September 30, 1997 Fixed charges: Interest expenses $85.0 Amortization of debt discount and expense .8 Rentals (one-third of rentals) 18.4 Capitalized interest 2.3 Total fixed charges $106.5 Net earnings $286.5 Add: Minority income/(losses) of majority- owned subsidiaries 15.2 Taxes on income 181.6 Fixed charges 106.5 Less: Capitalized interest 2.3 Undistributed earnings/(losses) from less than 50% owned affiliates 21.2 Earnings available for fixed charges $566.3 Ratio of earnings to fixed charges 5.32 Undistributed earnings/(losses) from less than 50% owned affiliates: Equity in earnings (losses) $24.4 Less: Dividends paid 3.2 Undistributed earnings/(losses) from less-than 50% owned affiliates $21.2