Exhibit (12)
SNAP-ON INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions)
Three Months Ended Nine Months Ended
------------------------------- -------------------------------
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
2003 2002 2003 2002
--------- --------- --------- ---------
Net Earnings $ 17.7 $ 19.2 $ 61.4 $ 72.9
Add (Deduct):
Income taxes 5.2 10.9 28.7 39.4
Minority interest in earnings
of consolidated subsidiaries .8 .9 1.9 2.0
Cumulative effect - - - (2.8)
------- ------- ------- -------
Net Earnings as defined 23.7 31.0 92.0 111.5
Fixed Charges:
Interest on debt 5.8 6.9 18.2 22.2
Interest element of rentals 1.3 1.3 3.9 3.9
------- ------- ------- -------
Total Fixed Charges 7.1 8.2 22.1 26.1
------- ------- ------- -------
Total Adjusted Earnings Available
for Payment of Fixed Charges $ 30.8 $ 39.2 $ 114.1 $ 137.6
======= ======= ======= =======
Ratio of Earnings to Fixed Charges 4.3 4.8 5.2 5.3
======= ======= ======= =======
For purpose of computing this ratio, "Net Earnings" consists of (a) income from
continuing operations before income taxes and adjusted for minority interest,
and (b) "Fixed Charges," which consists of interest on debt and the estimated
interest portion of rents.