COLTEC INDUSTRIES INC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) Year Ended December 31, 1998 ------------------------------------------------------------- 1998 1997 1996 1995 1994 ------------------------------------------------------------- Earnings from continuing operations before extraordinary item................... 122,293 94,874 54,570 34,521 48,446 Add (deduct) Income taxes: Federal and Foreign.............. 64,898 48,875 28,111 17,615 27,251 State and local..................... 7,601 6,241 5,121 2,601 2,105 Portion of rents representative of interest factor (1)............... 3,023 2,983 3,321 2,868 3,979 Interest Expense...................... 59,954 54,613 76,182 91,208 90,337 ------------------------------------------------------------- Earnings from continuing operations before extraordinary item, as adjusted............................ 257,769 207,586 167,305 148,813 172,118 ============================================================= Fixed Charges: Interest expense..................... 59,954 54,613 76,182 91,208 90,337 Capitalized interest................. 1,585 1,455 1,139 997 689 Portion of rents representative of interest factor (1)............... 3,023 2,983 3,321 2,868 2,979 ------------------------------------------------------------- Fixed charges.......................... 64,562 59,051 80,642 95,073 94,005 ============================================================= Ratio of earnings to fixed charges.......................... 4.0 3.5 2.1 1.6 1.8 ============================================================= Note: (1) Estimated to be 1/3 of total rent expenses.