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EXHIBIT 12
FERRO CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands) RESTATED
2004 2003* 2002*
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EARNINGS:
Pre-tax income $ 31,192 $ 12,016 $ 47,725
Fixed charges 45,393 46,720 46,297
Minority interest & affiliate earnings (196) (1,178) (849)
Dividends from equity investees 5,292 1,358 691
Interest capitalization (214) (302) (273)
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Total earnings $ 81,467 $ 58,614 $ 93,591
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COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Interest expense $ 41,993 $ 43,106 $ 41,847
Interest capitalization 214 302 273
Amortization of discounts and capitalized expenses on debt 2,399 2,225 2,384
Interest portion of rental expense 786 1,087 1,793
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Total fixed charges 45,392 46,720 46,297
Preferred stock dividends 1,705 2,088 2,447
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Combined fixed charges and preferred stock dividends $ 47,097 $ 48,808 $ 48,744
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RATIO OF EARNINGS TO FIXED CHARGES:
Total earnings $ 81,467 $ 58,614 $ 93,591
Divided by: Total fixed charges $ 45,392 $ 46,720 $ 46,297
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Ratio of earnings to fixed charges 1.79 1.25 2.02
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED:
STOCK DIVIDENDS:
Total earnings $ 81,467 $ 58,614 $ 93,591
Divided by: Combined fixed charges and preferred stock
dividends $ 47,097 $ 48,808 $ 48,744
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Ratio of earnings to combined fixed charges and preferred
stock dividends 1.73 1.20 1.92
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* Reflects voluntary early adoption of EITF No. 04-06.