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EXHIBIT 12
Statement re: Computation of Ratio of Earnings to Fixed Charges
Quaker State Corporation and Subsidiaries
For the Years Ended December 31, 1997, 1996 and 1995
(in thousands)
1997 1996 1995
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Interest expense $ 26,913 $ 12,609 $ 7,178
Interest factor of rental expense (1)
11,586 9,120 8,311
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Total fixed charges $ 38,499 $ 21,729 $ 15,489
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Income from continuing operations
before income taxes $(11,389) $ 17,551 $ (5,723)
Fixed charges 38,499 21,729 15,489
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Total earnings $ 27,110 $ 39,280 $ 9,766
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Ratio of earnings to fixed charges 0.7 1.8 0.6
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(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.