Exhibit 12 THE STANLEY WORKS AND SUBSIDIARIES COMPUTATION OF EARNINGS TO FIXED CHARGES (in Millions of Dollars) SECOND QUARTER SIX MONTHS 1995 1994 1995 1994 Earnings before income taxes $50.8 $54.0 $97.1 $95.3 Add: Portion of rents representative of interest factor 3.3 2.9 6.6 5.8 Interest expense 9.2 9.4 18.0 17.4 Amortization of expense on long-term debt 0.1 0.1 0.1 0.1 Amortization of capitalized interest 0.1 0.1 0.2 0.2 ----- ----- ----- ----- Income as adjusted $63.5 $66.5 $122.0 $118.8 ===== ===== ===== ===== Fixed charges: Interest expense $9.2 $9.4 $18.0 $17.4 Amortization on expense on long-term debt 0.1 0.1 0.1 0.1 Portion of rents representative of interest factor 3.3 2.9 6.6 5.8 ----- ----- ----- ----- Fixed charges $12.6 $12.4 $24.7 $23.3 ===== ===== ===== ===== Ratio of earnings to fixed charges 5.04 5.36 4.94 5.10 ===== ===== ===== =====