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Exhibit 12
OWENS-ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Millions of dollars, except ratios)
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<Caption>
Nine Months ended September 30,
-------------------------------
2001 2000
-------- ---------
Earnings (loss) before income taxes, and minority
share owners' interests ................................ $ 646.6 $ (439.7)
Less: Equity earnings ..................................... (13.7) (14.6)
Add: Total fixed charges deducted from earnings ........... 345.2 382.0
Proportional share of pre-tax earnings (loss)
of 50% owned associates ..................... 8.3 8.2
Dividends received from less
than 50% owned associates .................... 7.5 5.9
-------- --------
Earnings (loss) available for payment
of fixed charges ............................ $ 993.9 $ (58.2)
====== ======
Fixed charges (including the Company's proportional
share of 50% owned associates):
Interest expense ............................... $ 322.4 $ 353.2
Portion of operating lease rental deemed to
be interest .................................... 9.6 21.2
Amortization of deferred financing costs and
debt discount expense .......................... 13.2 7.6
-------- --------
Total fixed charges deducted from earnings
and fixed charges ........................... $ 345.2 $ 382.0
Preferred stock dividends (increased to assumed
pre-tax amount) ........................................ 27.2 26.0
-------- --------
Combined fixed charges and preferred stock
dividends .............................................. $ 372.4 $ 408.0
======== ========
Ratio of earnings to fixed charges ........................ 2.9
Deficiency of earnings available to cover fixed charges ... -- 440.2
Ratio of earnings to combined fixed charges and
preferred stock dividends .............................. 2.7
Deficiency of earnings available to cover fixed charges and
preferred stock dividends .............................. 466.2
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