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BRUNSWICK CORPORATION EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
YEAR ENDED DECEMBER 31
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2002 2001 2000 1999 1998 1997
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EARNINGS AS ADJUSTED
Earnings from continuing operations 103.5 84.7 202.2 143.1 154.4 111.3
Plus: Income tax provision 58.1 47.5 121.1 76.2 90.9 62.5
Interest and other financial charges included in expense 43.3 52.9 67.6 61.0 62.7 51.3
Interest portion of rent expense 14.2 13.4 12.5 11.3 11.0 8.9
Dividends received from less-than 50% owned affiliates 0.1 0.1 0.1 0.1 0.1 -
Less: Equity in earnings of less-than 50% owned affiliates 0.8 0.3 0.2 0.2 0.2 0.2
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220.0 198.9 403.7 291.9 319.3 234.2
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FIXED CHARGES
Interest and other financial charges 58.1 47.5 67.6 61.0 62.7 51.3
Interest portion of rent expense 14.2 13.4 12.5 11.3 11.0 8.9
Capitalized interest 0.8 - - 0.6 2.0 -
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73.1 60.9 80.1 72.9 75.7 60.2
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RATIO OF EARNINGS TO FIXED CHARGES 3.0x 3.3x 5.0x 4.0x 4.2x 3.9x
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(a) For computation of the ratio of earnings to fixed charges, "earnings"
have been calculated by adding fixed charges (excluding capitalized
interest) to earnings from continuing operations before income taxes
and then deducting the undistributed earnings of affiliates. Fixed
charges consist of interest expense, estimated interest portion of
rental expense and capitalized interest.