Exhibit 12 THE STANLEY WORKS AND SUBSIDIARIES COMPUTATION OF EARNINGS TO FIXED CHARGES (in Millions of Dollars) THIRD QUARTER NINE MONTHS 1995 1994 1995 1994 Earnings before income taxes $6.9 $51.4 $104.0 $146.7 Add: Portion of rents representative of interest factor 3.2 2.9 9.8 8.7 Interest expense 8.5 7.3 26.5 24.7 Amortization of expense on long-term debt 0.1 0.2 0.1 Amortization of capitalized interest 0.2 0.2 ----- ----- ----- ----- Income as adjusted $18.7 $61.6 $140.7 $180.4 ===== ===== ===== ===== Fixed charges: Interest expense $8.5 $7.3 $26.5 $24.7 Amortization of expense on long-term debt 0.1 0.2 0.1 Portion of rents representative of interest factor 3.2 2.9 9.8 8.7 ----- ----- ----- ----- Fixed charges $11.8 $10.2 $36.5 $33.5 ===== ===== ===== ===== Ratio of earnings to fixed charges 1.58 6.04 3.85 5.39 ===== ===== ===== =====