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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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SIX
MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1998 1997 1996 1995 1994 1993
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
Income from continuing
operations before income
taxes $373,100 $630,900 $502,700 $351,790 $292,830 $349,190
Deduct/add equity in
undistributed (earnings)/
loss of equity affiliates (11,550) (19,470) (12,310) (17,770) 106,200 (13,750)
Add interest on indebtedness,
net 41,600 80,390 74,790 73,400 60,360 62,860
Add amortization of debt
expense 580 1,260 1,400 1,930 2,220 2,650
Add estimated interest factor
for rentals 5,120 8,150 6,150 4,970 4,220 3,190
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Earnings before income
taxes and fixed charges $408,850 $701,230 $572,730 $414,320 $465,830 $404,140
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FIXED CHARGES:
Interest on indebtedness
regarding continuing
operations $ 43,080 $ 83,520 $ 77,250 $ 76,460 $ 63,220 $ 63,600
Amortization of debt expense 580 1,260 1,400 1,930 2,220 2,650
Estimated interest factor
for rentals 5,120 8,150 6,150 4,970 4,220 3,190
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$ 48,780 $ 92,930 $ 84,800 $ 83,360 $ 69,660 $ 69,440
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Ratio of earnings to fixed
charges 8.4 7.5 6.8 5.0 6.7 5.8
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