EXHIBIT 12
NEWELL CO. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio data)
For the Year Ended
Year-to-date December 31,
September 30, ----------------------------
1998 1997* 1996*
-------------- ------------ ------------
Earnings available to fixed charges:
Income before income taxes $ 407,431 (1) $ 485,334 $ 434,378
Fixed charges -
Interest expense 43,966 76,413 58,541
Portion of rent determined
to be interest (2) 13,740 16,963 15,185
Minority interest in
income of subsidiary trust 19,984 1,528 -
Eliminate equity in
earnings (5,527) (5,831) (6,364)
-------------- ------------ -----------
$ 479,594 $ 574,407 $ 501,740
============== ============ ===========
Fixed charges:
Interest expense $ 43,966 $ 76,413 $ 58,541
Portion of rent determined
to be interest (2) 13,740 16,963 15,185
Minority interest in
income of subsidiary trust 19,984 1,528 -
-------------- ------------ ------------
$ 77,690 $ 94,904 $ 73,726
============== ============ ============
Ratio of earnings to fixed charges 6.17 6.05 6.81
============== ============ ============
* Restated for the merger with Calphalon Corporation on May 7, 1998,
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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