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EXHIBIT 12
MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
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THREE
MONTHS
ENDED
MARCH 31, YEAR ENDED DECEMBER 31
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2001 2000 1999 1998 1997 1996
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
Income from continuing
operations before
income taxes $177,000 $ 893,400 $ 904,100 $ 905,500 $733,800 $575,600
Deduct/add equity in
undistributed
(earnings)/loss of
fifty-percent-or-
less-owned companies 2,770 (9,640) (18,720) (24,070) (19,470) (12,310)
Add interest on
indebtedness, net 59,090 193,000 121,520 115,700 94,780 78,790
Add amortization of debt
expense 490 2,430 1,350 2,130 2,310 1,400
Add estimated interest
factor for rentals 5,630 18,760 16,080 11,430 9,270 7,120
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Earnings before income
taxes and fixed charges $244,980 $1,097,950 $1,024,330 $1,010,690 $820,690 $650,600
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FIXED CHARGES:
Interest on indebtedness $ 61,230 $ 202,630 $ 129,860 $ 119,750 $ 97,910 $ 81,250
Amortization of debt
expense 490 2,430 1,350 2,130 2,310 1,400
Estimated interest factor
for rentals 5,630 18,760 16,080 11,430 9,270 7,120
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$ 67,350 $ 223,820 $ 147,290 $ 133,310 $109,490 $ 89,770
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Ratio of earnings to fixed
charges 3.6 4.9 7.0 7.6 7.5 7.2
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