EXHIBIT 12
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NEWELL CO. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF
RATIO EARNINGS TO FIXED CHARGES
(In thousands, except ratio data)
For the Year Ended
December 31,
Year-to-date -----------------------------------
June 30,
1998 1997* 1996*
------------ ---------- ----------
Earnings available to fixed charges:
Income before income taxes $ 213,318 (1) $ 485,334 $ 434,378
Fixed charges -
Interest expense 23,984 76,413 58,541
Portion of rent determined
to be interest (2) 8,868 16,963 15,185
Minority interest in
income of subsidiary trust 13,304 1,528 -
Eliminate equity in earnings (4,458) (5,831) (6,364)
---------- ---------- ---------
$ 255,026 $ 575,407 $ 501,740
========== ========= =========
Fixed charges:
Interest expense $ 23,984 $ 76,413 $ 58,541
Portion of rent determined
to be interest (2) 8,868 16,963 15,185
Minority interest in
income of subsidiary trust 13,304 1,528 -
--------- --------- ---------
$ 46,156 $ 94,904 $ 73,726
========= ========= =========
Ratio of earnings to fixed charges 5.53 6.05 6.81
========= ========= =========
* Restated for the merger with Calphalon Corporation, which was accounted for as a pooling of interests.
(1) Excludes one-time net pre-tax gain of $191,513 from the sale of Black & Decker stock, offset partially by
$11,398 of one-time pre-tax charges.
(2) A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and
long-term leases.
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