AVERY DENNISON CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
First Quarter Ended
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1994 1993
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Earnings:
Income before income taxes $40.0 $35.8
Add: Fixed charges* 16.1 14.2
Amortization of capitalized interest .3 .2
Less: Capitalized interest (.7) (.4)
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$55.7 $49.8
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*Fixed charges:
Interest expense $11.5 $ 9.8
Capitalized interest .7 .4
Amortization of debt issuance .1 .1
Interest portion of leases 3.8 3.9
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$16.1 $14.2
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Ratio of Earnings to Fixed Charges 3.5 3.5
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The ratios of earnings to fixed charges were computed by dividing earnings by
fixed charges. For this purpose, "earnings" consist of income before taxes plus
fixed charges (excluding capitalized interest), and "fixed charges" consist of
interest expense, capitalized interest, amortization of debt issuance costs and
the portion of rent expense (estimated to be 35%) on operating leases deemed
representative of interest.
Exhibit 12