EXHIBIT 12
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended December 28, 2002, December 29, 2001,
December 30, 2000, January 1, 2000 and January 2, 1999
(in millions of dollars)
FISCAL YEARS
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2002 2001 2000 1999 1998
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Earnings (loss) before income taxes $272.5 $236.7 $293.7 $230.8 $215.4
Add:
Interest expense 28.5 31.9 34.3 32.9 30.5
Portion of rents
representative of
interest factor 12.1 12.5 15.4 14.2 15.0
Amortization of expense on
long-term debt 0.1 0.4 0.2 0.2 0.3
Amortization of capitalized
interest - - 0.1 0.2 0.2
Deduct:
Capitalized Interest - (0.1) - - -
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Income as adjusted $313.2 $281.4 $343.7 $278.3 $261.4
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Fixed charges:
Interest expense $28.5 $31.9 $34.3 $32.9 $30.5
Portion of rents
representative of
interest factor 12.1 12.5 15.4 14.2 15.0
Amortization of expense
on long-term debt 0.1 0.4 0.2 0.2 0.3
Capitalized interest - 0.1 - - -
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Fixed charges $40.7 $44.9 $49.9 $47.3 $45.8
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Ratio of earnings to fixed
charges 7.70 6.27 6.89 5.88 5.71
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