EXHIBIT 12 CORE-MARK INTERNATIONAL, INC. AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS) FOR THE NINE MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31, SEPTEMBER 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 $ 9,874 $ 14,325 Fixed charges.................... 13,757 9,670 8,593 9,522 11,821 8,900 9,472 ---------- --------- --------- --------- --------- --------- --------- Earnings........................... $ 6,535 $ 14,003 $ 50,245 $ 21,426 $ 24,107 $ 18,774 $ 23,797 Fixed Charges: Interest expense (net)(b)........ $ 10,358 $ 5,983 $ 4,887 $ 5,773 $ 8,052 $ 6,154 $ 6,593 One-third rental expense......... 3,399 3,687 3,706 3,749 3,769 2,746 2,879 ---------- --------- --------- --------- --------- --------- --------- Fixed charges...................... $ 13,757 $ 9,670 $ 8,593 $ 9,522 $ 11,821 $ 8,900 $ 9,472 Earnings to fixed charges.......... N/A 1.4x 5.8x 2.3x 2.0x 2.1x 2.5x Deficiency......................... $ (7,222) -- -- -- -- -- -- PRO FORMA: Earnings: Income before income taxes(a).... $ 106 $ 6,113 Fixed charges.................... 24,001 17,684 --------- --------- Earnings........................... $ 24,107 $ 23,797 Fixed Charges: Interest expense (net)(b)........ $ 20,232 $ 14,805 One-third rental expense......... 3,769 2,879 --------- --------- Fixed charges...................... $ 24,001 $ 17,684 Earnings to fixed charges.......... 1.0x 1.3x (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.