Exhibit 12
MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars)
Three
Months
Ended
March 31, Year Ended December 31,
1994 1993 1992 1991 1990 1989
Earnings Before Income Taxes
And Fixed Charges:
Income before income taxes $109,400 $362,600 $304,800 $ 97,600 $235,900 $327,100
Deduct/add equity in
undistributed (earnings)
losses of fifty-percent-
or-less-owned companies (8,600) (18,740) (17,290) 12,640 8,760 (29,060)
Add dividends received from
fifty-percent-or-less-
owned companies 500 4,940 4,100 25,450 1,780 1,990
Add interest on indebtedness,
net 26,360 104,080 100,490 124,950 125,770 112,830
Add amortization of debt
expense 560 2,650 2,710 1,630 1,420 1,460
Add one-third of rentals 2,860 10,970 10,800 12,530 9,610 8,830
Earnings before income
taxes and fixed charges $131,080 $466,500 $405,610 $274,800 $383,240 $423,150
Fixed charges:
Interest on indebtedness $ 26,950 $105,420 $113,670 $128,450 $125,770 $112,830
Amortization of debt expense 560 2,650 2,710 1,630 1,420 1,460
One-third of rentals 2,860 10,970 10,800 12,530 9,610 8,830
$ 30,370 $119,040 $127,180 $142,610 $136,800 $123,120
Ratio of earnings to fixed
charges 4.3 3.9 3.2 1.9 2.8 3.4