1 Statement re Computation of Ratio of Earnings to Fixed Charges Exhibit 12 Quaker State Corporation and Subsidiaries (in thousands) March 31, Year ended December 31, 1997 1996 1995 1994 1993 1992 ========================================================= Interest expense 6,331 12,838 7,301 5,159 5,765 4,794 Interest factor of rental expense (1) 2,324 9,120 8,311 6,973 6,908 6,705 --------------------------------------------------------- Total fixed charges $ 8,655 $21,958 $15,612 $12,132 $12,673 $11,499 ========================================================= Income from continuing operations before income taxes $11,565 $24,223 $ 4,050 $15,668 $ 9,525 $ 901 Fixed charges 8,655 21,958 15,612 12,132 12,673 11,499 --------------------------------------------------------- Total earnings $20,220 $46,181 $19,662 $27,800 $22,198 $12,400 ========================================================= Ratio of earnings to fixed charges 2.3 2.1 1.3 2.3 1.8 1.1 ========================================================= (1) Interest factor of rental expense computed based on; (a) average interest factor from a sample of leases for operations representing in excess of 50% of rentals from continuing operations, and (b) one-third factor of rentals for other operations.