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Exhibit 12
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
(In Thousands of Dollars)
YEARS ENDED DECEMBER 31
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1996 1995 1994 1993 1992
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Consolidated Earnings:
Pre-tax income from continuing
operations (1) $ 195,345 $ 161,231 $ 146,089 $ 137,151 $ 140,576
Add fixed charges computed below 26,181 33,121 37,982 23,879 22,425
Net adjustments for equity companies (9,410) (4,320) (134) (363) (454)
Net adjustments for capitalized
interest -- -- (274) (172) (134)
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Consolidated Earnings Available for
Fixed Charges $ 212,116 $ 190,032 $ 183,663 $ 160,495 $ 162,413
========= ========= ========= ========= =========
Consolidated Fixed Charges:
Interest expense per financial
statements (2) $ 21,483 $ 28,921 $ 34,048 $ 19,974 $ 18,882
Interest expense capitalized 131 134 338 332 355
Portion of rentals (1/3) representing
an interest factor 4,567 4,066 3,596 3,573 3,188
Interest expense for equity companies
whose debt is guaranteed (3) -- -- -- -- --
--------- --------- --------- --------- ---------
Consolidated Fixed Charges $ 26,181 $ 33,121 $ 37,982 $ 23,879 $ 22,425
========= ========= ========= ========= =========
Consolidated Ratio of Earnings to
Fixed Charges 8.10 5.74 4.84 6.72 7.24
========= ========= ========= ========= =========
(1) 1992 excludes the cumulative effect of change in accounting method for
postretirement benefits other than pensions.
(2) Includes amortization of debt discount and expense.
(3) No fixed charges were associated with debt of less than fifty percent
owned companies guaranteed by the Company during the five year period
1992 through 1996.