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EXHIBIT 12
THE LUBRIZOL CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(all amounts except ratios are shown in thousands)
1994 1993 1992 1991 1990
-------- -------- -------- -------- --------
Pretax income $251,459 $119,651 $177,144 $178,140 $271,212
Deduct earnings of less
than 50% owned affiliates
(net of distributed
earnings) included in
pretax income (871) (2,355) 9 (3,796) (3,401)
Add losses of less than 50%
owned affiliates included
in pretax income 490 21,063 2,769 53 -0-
Add fixed charges net of
capitalized interest 3,149 4,154 3,615 7,738 6,049
Add previously capitalized
interest amortized during
period 452 272 162 96 6
------- ------- ------- ------- -------
"Earnings" $254,679 $142,785 $183,699 $182,231 $273,866
======= ======= ======= ======= =======
Gross interest expense
including capitalized
interest ("Fixed Charges") $ 6,922 $ 6,292 $ 4,981 $ 9,049 $ 7,070
Ratio of earnings to
fixed charges 36.8 22.7 36.9 20.1 38.7
Special adjustments:
-------------------
"Earnings" $254,679 $142,785 $273,866
Plus special charges 86,303
Less Genentech gain (41,235) (42,443) (101,921)
Plus Agribusiness write-off 9,734
------- ------- -------
Adjusted "Earnings" $213,444 $186,645 $181,679
======= ======= =======
Ratio of adjusted earnings
to fixed charges 30.8 29.7 25.7