Exhibit 12 THE STANLEY WORKS AND SUBSIDIAIRES COMPUTATION OF EARNINGS TO FIXED CHARGES (In Millions of Dollars) SECOND QUARTER SIX MONTHS 1999 1998 1999 1998 ------ ------ ------ ------ Earnings before income taxes $38.1 $67.5 $85.5 $125.7 Add: Interest expense 8.6 6.5 17.3 13.3 Portion of rents representative of interest factor 3.7 2.9 7.5 5.8 Amortization of expense on long- term debt - 0.1 0.1 0.1 ------ ------ ------ ------ Income as adjusted $50.4 $77.0 $110.4 $144.9 ====== ====== ====== ====== Fixed charges: Interest expense $8.6 $6.5 $17.3 $13.3 Portion of rents representative of interest factor 3.7 2.9 7.5 5.8 Amortization of expense on long- term debt - 0.1 0.1 0.1 ------ ------ ------ ------ Fixed charges $12.3 $9.5 $24.9 $19.2 ====== ====== ====== ====== Ratio of earnings to fixed charges 4.10 8.11 4.43 7.55 ====== ====== ====== ======