Exhibit 12 THE STANLEY WORKS AND SUBSIDIARIES COMPUTATION OF EARNINGS TO FIXED CHARGES (in Millions of Dollars) FIRST QUARTER 1994 1993 Earnings before income taxes and cumulative effect of accounting change for postemployment benefits $41.3 $37.5 Add: Portion of rents representative of interest factor $2.9 $3.1 Interest expense 8.0 8.1 Amortization of expense on long-term debt 0.1 Amortization of capitalized interest 0.1 0.1 ----- ----- Income as adjusted $52.3 $48.9 ===== ===== Fixed charges: Interest expense $8.0 $8.1 Amortization of expense on long-term debt 0.1 Capitalized interest Portion of rents representative of interest factor 2.9 3.1 ----- ----- Fixed charges $10.9 $11.3 ===== ===== Ratio of earnings to fixed charges 4.80 4.33 ===== =====