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EXHIBIT 99.b
MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
AT DECEMBER 31
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1993 1992 1991 1990 1989
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EARNINGS BEFORE INCOME TAXES AND FIXED
CHARGES:
Income before income taxes.............. $362,600 $304,800 $ 97,600 $235,900 $327,100
(Deduct) add equity in undistributed
(earnings) losses of fifty-percent-
or-less-owned companies.............. (18,740) (17,290) 12,640 8,760 (29,060)
Add dividends received from
fifty-percent-or-less-owned
companies............................ 4,940 4,100 25,450 1,780 1,990
Add interest on indebtedness, net....... 104,080 100,490 124,950 125,770 112,830
Add amortization of debt expense........ 2,650 2,710 1,630 1,420 1,460
Add one-third of rentals................ 10,970 10,800 12,530 9,610 8,830
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Earnings before income taxes and
fixed charges................... $466,500 $405,610 $274,800 $383,240 $423,150
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FIXED CHARGES:
Interest on indebtedness................ $105,420 $113,670 $128,450 $125,770 $112,830
Amortization of debt expense............ 2,650 2,710 1,630 1,420 1,460
One-third of rentals.................... 10,970 10,800 12,530 9,610 8,830
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$119,040 $127,180 $142,610 $136,800 $123,120
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Ratio of earnings to fixed charges........ 3.9 3.2 1.9 2.8 3.4
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