EXHIBIT 12 INGERSOLL-RAND COMPANY COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Millions) Years Ended December 31, Fixed charges: 1997 1996 1995 1994 1993 Interest expense........................... $138.8 $122.4 $ 90.0 $ 46.9 $ 60.2 Amortization of debt discount and expense.. 2.0 1.5 0.8 0.4 0.7 Rentals (one-third of rentals)............. 25.5 22.4 21.6 18.8 19.4 Capitalized interest....................... 3.3 4.6 3.6 3.2 3.1 Total fixed charges.......................... $169.6 $150.9 $116.0 $ 69.3 $ 83.4 Net earnings .......................... $380.5 $358.0 $270.3 $211.1 $142.5 Add: Minority income of majority- owned subsidiaries.................. 17.3 18.9 14.5 15.1 13.6 Taxes on income....................... 233.2 210.3 158.9 118.8 90.0 Fixed charges......................... 169.6 150.9 116.0 69.3 83.4 Effect of accounting changes.......... -- -- -- -- 21.0 Less: Capitalized interest.................. 3.3 4.6 3.6 3.2 3.0 Undistributed earnings (losses) from less than 50% owned affiliates...... 16.2 (23.1) 33.3 33.3 40.0 Earnings available for fixed charges ........ $781.1 $756.6 $522.8 $377.8 $307.5 Ratio of earnings to fixed charges .......... 4.61 5.01 4.51 5.46 3.69 Undistributed earnings (losses) from less than 50% owned affiliates: Equity in earnings (losses)................ $19.4 $ 36.4 $ 36.6 $ 36.6 $ 42.1 Less: Amounts distributed............... 3.2 59.5 3.3 3.3 2.1 Undistributed earnings (losses) from less-than 50% owned affiliates........... $16.2 $ (23.1) $ 33.3 $ 33.3 $ 40.0