EXHIBIT 12
ITT INDUSTRIES, INC. AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
AND CALCULATION OF EARNINGS TO TOTAL FIXED CHARGES AND
PREFERRED DIVIDEND REQUIREMENTS
(IN MILLIONS)
<Table>
<Caption>
Years Ended December 31,
-----------------------------------------------
2003 2002 2001 2000 1999
------- ------ ------ ------ ------
Earnings:
Income (loss) from continuing
operations............................ $ 403.9 $379.9 $216.7 $264.5 $232.9
Add (deduct):
Adjustment for distributions in excess
of (less than) undistributed equity
earnings and losses(a)............. (1.4) (7.0) (2.5) (3.5) (3.1)
Income taxes (benefits)............... 139.8 128.9 116.7 155.4 136.8
------- ------ ------ ------ ------
542.3 501.8 330.9 416.4 366.6
------- ------ ------ ------ ------
Fixed Charges:
Interest and other financial
charges............................ 20.9 36.9 68.8 93.1 84.8
Interest factor attributable to
rentals(b)......................... 22.2 20.0 16.7 18.5 17.3
------- ------ ------ ------ ------
43.1 56.9 85.5 111.6 102.1
------- ------ ------ ------ ------
Earnings, as adjusted, from continuing
operations............................ $ 585.4 $558.7 $416.4 $528.0 $468.7
======= ====== ====== ====== ======
Fixed Charges:
Fixed charges above................... $ 43.1 $ 56.9 $ 85.5 $111.6 $102.1
Interest capitalized.................. -- -- -- -- --
------- ------ ------ ------ ------
Total fixed charges................ 43.1 56.9 85.5 111.6 102.1
Dividends on preferred stock
(pre-income tax basis)................ -- -- -- -- --
------- ------ ------ ------ ------
Total fixed charges and preferred
dividend requirements............ $ 43.1 $ 56.9 $ 85.5 $111.6 $102.1
======= ====== ====== ====== ======
Ratios:
Earnings, as adjusted, from continuing
operations to total fixed
charges............................ 13.58 9.82 4.87 4.73 4.59
======= ====== ====== ====== ======
Earnings, as adjusted, from continuing
operations to total fixed charges
and preferred dividend
requirements....................... 13.58 9.82 4.87 4.73 4.59
======= ====== ====== ====== ======
</Table>
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Notes:
a) The adjustment for distributions in excess of (less than) undistributed
equity earnings and losses represents the adjustment to income for companies
in which less than 50% equity is owned.
b) One-third of rental expense is deemed to be representative of the interest
factor in rental expense.