THE STANLEY WORKS AND SUBSIDIAIRES COMPUTATION OF EARNINGS TO FIXED CHARGES (In Millions of Dollars) THIRD QUARTER NINE MONTHS 1999 1998 1999 1998 ------ ------ ------ ------ Earnings before income taxes $77.4 $53.6 $162.9 $179.3 Add: Interest expense 8.2 8.7 25.5 22.0 Portion of rents representative of interest factor 3.8 2.9 11.3 8.7 Amortization of expense on long- term debt 0.1 - 0.2 0.1 ------ ------ ------ ------ Income as adjusted $89.5 $65.2 $199.9 $210.1 ====== ====== ====== ====== Fixed charges: Interest expense $8.2 $8.7 $25.5 $22.0 Portion of rents representative of interest factor 3.8 2.9 11.3 8.7 Amortization of expense on long- term debt 0.1 - 0.2 0.1 ------ ------ ------ ------ Fixed charges $12.1 $11.6 $37.0 $30.8 ====== ====== ====== ====== Ratio of earnings to fixed charges 7.40 5.62 5.40 6.82 ====== ====== ====== ======