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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 YEAR ENDED DECEMBER 31,
JUNE 30, ------------------------------------------------
1999 1998 1997 1996 1995 1994
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
Income from continuing
operations before income
taxes $417,200 $755,000 $630,900 $502,700 $351,790 $292,830
Deduct/add equity in
undistributed (earnings)/
loss of equity affiliates (10,080) (24,070) (19,470) (12,310) (17,770) 106,200
Add interest on indebtedness,
net 48,330 86,230 80,390 74,790 73,400 60,360
Add amortization of debt
expense 720 1,230 1,260 1,400 1,930 2,220
Add estimated interest factor
for rentals 5,940 10,000 8,150 6,150 4,970 4,220
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Earnings before income
taxes and fixed charges $462,110 $828,390 $701,230 $572,730 $414,320 $465,830
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FIXED CHARGES:
Interest on indebtedness
regarding continuing
operations $ 50,250 $ 90,320 $ 83,520 $ 77,250 $ 76,460 $ 63,220
Amortization of debt expense 720 1,230 1,260 1,400 1,930 2,220
Estimated interest factor
for rentals 5,940 10,000 8,150 6,150 4,970 4,220
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Fixed Charges $ 56,910 $101,550 $ 92,930 $ 84,800 $ 83,360 $ 69,660
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Ratio of earnings to fixed
charges 8.1 8.2 7.5 6.8 5.0 6.7
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