EXHIBIT 12
CORE-MARK INTERNATIONAL, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
FOR THE SIX MONTHS
ENDED
FOR THE YEARS ENDED DECEMBER 31, JUNE 30,
1991 1992 1993 1994 1995 1995 1996
---------- --------- --------- --------- --------- --------- ---------
Earnings:
Income (loss) before income
taxes (a)................. $ (7,222) $ 4,333 $ 41,652 $ 11,904 $ 12,286 $ 5,764 $ 10,845
Fixed charges............... 13,757 9,670 8,593 9,522 11,821 6,017 5,556
---------- --------- --------- --------- --------- --------- ---------
Earnings...................... $ 6,535 $ 14,003 $ 50,245 $ 21,426 $ 24,107 $ 11,781 $ 16,401
Fixed Charges:
Interest expense (net)(b)... $ 10,358 $ 5,983 $ 4,887 $ 5,773 $ 8,052 $ 4,185 $ 3,606
One-third rental expense.... 3,399 3,687 3,706 3,749 3,769 1,832 1,950
---------- --------- --------- --------- --------- --------- ---------
Fixed charges................. $ 13,757 $ 9,670 $ 8,593 $ 9,522 $ 11,821 $ 6,017 $ 5,556
Earnings to fixed charges..... N/A 1.4x 5.8x 2.3x 2.0x 2.0x 3.0x
Deficiency.................... $ (7,222) -- -- -- -- -- --
(a) Before cumulative effects of changes in accounting principles and
extraordinary items.
(b) Including amortization of SFAS No. 15 troubled debt restructuring deferred
credit and debt
financing costs.