EX-12 3 a2218121zex-12.htm EX-12
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Exhibit 12

MASCO CORPORATION

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 
   (Dollars in Millions)
  
 
   Year Ended December 31,  
 
   2013   2012   2011   2010   2009  

Earnings Before Income Taxes, Preferred Stock Dividends and Fixed Charges:

                                

Income (loss) from continuing operations before income taxes

   $ 434   $ 73   $ (392 ) $ (745 ) $ (151 )

Deduct equity in undistributed (earnings) of fifty-percent-or-less-owned companies

     —     —     —     —     —  

Add interest on indebtedness, net

     230     249     250     249     224  

Add amortization of debt expense

     6     7     7     7     5  

Add estimated interest factor for rentals

     31     31     33     36     44  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (loss) before income taxes, noncontrolling interest, fixed charges and preferred stock dividends

   $ 701   $ 360   $ (102 ) $ (453 ) $ 122  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed Charges:

                                

Interest on indebtedness

   $ 229   $ 248   $ 249   $ 246   $ 221  

Amortization of debt expense

     6     7     7     7     5  

Estimated interest factor for rentals

     31     31     33     36     44  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 266   $ 286   $ 289   $ 289   $ 270  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Preferred stock dividends (a)

   $ —   $ —   $ —   $ —   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Combined fixed charges and preferred stock dividends

   $ 266   $ 286   $ 289   $ 289   $ 270  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to fixed charges

     2.6     1.3     (0.4 )   (1.6 )   0.5  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to combined fixed charges and preferred stock dividends

     2.6     1.3     (0.4 )   (1.6 )   0.5  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to combined fixed charges and preferred stock dividends excluding certain items (b)

     2.6     1.7     1.2     1.0     1.5  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(a)
Represents amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company.

(b)
Excludes the 2012 non-cash, pre-tax impairment charge for other intangible assets of $42 million and litigation expense of $77 million; the 2011 non-cash, pre-tax impairment charge for goodwill and other intangible assets of $450 million and litigation expense of $9 million; the 2010 non-cash, pre-tax impairment charge for goodwill and other intangible assets of $698 million and non-cash, pre-tax impairment charge for financial investments of $34 million; and the 2009 non-cash, pre-tax impairment charge for goodwill of $262 million; non-cash, pre-tax impairment charge for financial investments of $10 million and litigation expense of $7 million.



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MASCO CORPORATION Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends