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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>
Three months ended March 31,
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2002 2001
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Earnings before income taxes, and minority share
owners' interests .............................. $ (365.8) $ 81.0
Less: Equity earnings............................ (6.0) (3.6)
Add: Total fixed Charges deducted from earnings 104.0 116.8
Proportional share of pre-tax earnings
(loss) of 50% owned associates .......... 3.5 3.0
Dividends received from less than 50% owned
associates .............................. 2.5 4.7
--------- --------
Earnings available for payment of fixed
charges $ (261.8) $ 201.9
========= ========
Fixed charges (including the Company's proportional
share of 50% owned associates):
Interest expense .......................... $ 95.2 $ 111.0
Portion of operating lease rental deemed to
be interest ............................. 3.1 3.3
Amortization of deferred financing costs
and debt discount expense ............... 5.7 2.5
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Total fixed charges deducted from earnings
and fixed charges ....................... 104.0 116.8
Preferred stock dividends (increased to assumed
pre-tax amount) ............................... 7.9 8.1
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Combined fixed charges and preferred stock
dividends ...................................... $ 111.9 $ 124.9
========= ========
Deficiency of earnings available to cover
fixed charges ................................ $ 365.8
Ratio of earnings to fixed charges ................ 1.73
Deficiency of earnings available to cover
combined fixed charges and preferred
stock dividends $ 373.7
Ratio of earnings to combined fixed charges and
preferred stock dividends ...................... 1.62
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