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,
----------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Earnings:
Income (loss) from continuing
operations............................. $437.5 $394.0 $381.3 $215.2 $262.6
Add (deduct):
Adjustment for distributions in excess
of (less than) undistributed equity
earnings and losses(a).............. (0.4) (1.4) (7.0) (2.5) (3.5)
Income taxes (benefits)................ 172.5 141.4 129.7 116.1 154.1
------ ------ ------ ------ ------
609.6 534.0 504.0 328.8 413.2
------ ------ ------ ------ ------
Fixed Charges:
Interest and other financial charges... 50.4 43.2 56.5 83.3 94.6
Interest factor attributable to
rentals(b).......................... 27.6 22.2 20.0 16.7 18.5
------ ------ ------ ------ ------
78.0 65.4 76.5 100.0 113.1
------ ------ ------ ------ ------
Earnings, as adjusted, from continuing
operations............................. $687.6 $599.4 $580.5 $428.8 $526.3
====== ====== ====== ====== ======
Fixed Charges:
Fixed charges above.................... $ 78.0 $ 65.4 $ 76.5 $100.0 $113.1
Interest capitalized................... -- -- -- -- --
------ ------ ------ ------ ------
Total fixed charges................. 78.0 65.4 76.5 100.0 113.1
Dividends on preferred stock
(pre-income tax basis)................. -- -- -- -- --
------ ------ ------ ------ ------
Total fixed charges and preferred
dividend requirements............. $ 78.0 $ 65.4 $ 76.5 $100.0 $113.1
====== ====== ====== ====== ======
Ratios:
Earnings, as adjusted, from continuing
operations to total fixed charges... 8.82 9.17 7.59 4.29 4.65
====== ====== ====== ====== ======
Earnings, as adjusted, from continuing
operations to total fixed charges
and preferred dividend
requirements........................ 8.82 9.17 7.59 4.29 4.65
====== ====== ====== ====== ======
</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.
c) Prior years amounts have been adjusted to reflect the impact of NS&S
discontinued operations.