THE STANLEY WORKS AND SUBSIDIAIRES COMPUTATION OF EARNINGS TO FIXED CHARGES (In Millions of Dollars) FIRST QUARTER 1999 1998 ------ ------ Earnings before income taxes $47.4 $58.2 Add: Interest expense 8.7 6.8 Portion of rents representative of interest factor 3.8 2.9 Amortization of expense on long- term debt 0.1 - ------ ------ Income as adjusted $60.0 $67.9 ====== ====== Fixed charges: Interest expense $8.7 $6.8 Portion of rents representative of interest factor 3.8 2.9 Amortization of expense on long- term debt 0.1 - ------ ------ Fixed charges $12.6 $9.7 ====== ====== Ratio of earnings to fixed charges 4.76 7.00 ====== ======