EXHIBIT 12.1 COLTEC INDUSTRIES INC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) Year Ended December 31, ------------------------------------------------------------------- 1997 1996 1995 1994 1993 ------------------------------------------------------------------- Earnings from continuing operations before extraordinary item .............................. 94,874 54,570 34,521 48,446 24,600 Add (deduct): Income taxes: Federal and Foreign .................................. 48,875 28,111 17,615 27,251 13,684 State and Local ...................................... 6,241 5,121 2,601 2,105 1,877 Portion of rents representative of interest factor (1) .................................. 2,983 3,321 2,868 3,979 4,078 Interest Expense ....................................... 54,613 76,182 91,208 90,337 111,497 ------------------------------------------------------------------- Earnings from continuing operations before extraordinary item, as adjusted ............................................... 207,586 167,305 148,813 172,118 155,736 =================================================================== Fixed Charges: Interest expense ....................................... 54,613 76,182 91,208 90,337 111,497 Capitalized interest ................................... 1,455 1,139 997 689 1,140 Portion of rents representative of interest factor (1) .................................. 2,983 3,321 2,868 3,979 4,078 ------------------------------------------------------------------- Fixed Charges ........................................... 59,051 80,642 95,073 95,005 116,715 =================================================================== Ratio of earnings to fixed charges ...................... 3.5 2.1 1.6 1.8 1.3 =================================================================== Note: (1) Estimated to be 1/3 of total rent expenses