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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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Nine
Months Ended
September 30, Year Ended December 31,
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1997 1996 1995 1994 1993 1992
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EARNINGS BEFORE INCOME
TAXES AND FIXED CHARGES:
Income from continuing
operations before
income taxes $461,500 $502,700 $351,790 $292,830 $349,190 $296,020
Deduct/add equity in
undistributed (earnings)
/losses of equity
affiliates (12,930) (12,310) (17,770) 106,200 (13,750) (13,210)
Add interest on
indebtedness, net 58,480 74,790 73,400 60,360 62,860 57,190
Add amortization of debt
expense 950 1,400 1,930 2,220 2,650 2,710
Add estimated interest factor
for rentals 5,590 6,150 4,970 4,220 3,190 3,290
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Earnings from continuing
operations before income
taxes and fixed charges $513,590 $572,730 $414,320 $465,830 $404,140 $346,000
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FIXED CHARGES:
Interest on indebtedness
regarding continuing
operations $ 60,230 $ 77,250 $ 76,460 $ 63,220 $ 63,600 $ 69,890
Amortization of debt
expense 950 1,400 1,930 2,220 2,650 2,710
Estimated interest factor
for rentals 5,590 6,150 4,970 4,220 3,190 3,290
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$ 66,770 $ 84,800 $ 83,360 $ 69,660 $ 69,440 $ 75,890
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Ratio of earnings to fixed
charges 7.7 6.8 5.0 6.7 5.8 4.6
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