EX-12.1 2 exhibit12.htm EX-12 Exhibit 12
EXHIBIT 12

W. R. GRACE & CO. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(1)
(In millions, except ratios)
(Unaudited)

 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Net income attributable to W. R. Grace & Co. shareholders
 
$
94.1

 
$
269.4

 
$
207.1

 
$
71.2

 
$
121.5

Provision for (benefit from) income taxes
 
(37.3
)
 
114.7

 
32.5

 
11.5

 
4.3

Equity in earnings of unconsolidated affiliate
 
(18.5
)
 
(15.2
)
 
(17.8
)
 
(1.7
)
 
(0.6
)
Interest expense and related financing costs, including amortization of capitalized interest
 
46.8

 
43.6

 
41.7

 
38.8

 
54.9

Estimated amount of rental expense deemed to represent the interest factor
 
7.5

 
6.9

 
6.9

 
6.7

 
7.9

Income as adjusted
 
$
92.6

 
419.4

 
270.4

 
126.5

 
188.0

Combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense and related financing costs, including capitalized interest
 
$
46.9

 
43.6

 
41.3

 
38.9

 
54.5

Estimated amount of rental expense deemed to represent the interest factor
 
7.5

 
6.9

 
6.9

 
6.7

 
7.9

Fixed charges
 
54.4

 
50.5

 
48.2

 
45.6

 
62.4

Combined fixed charges and preferred stock dividends
 
$
54.4

 
50.5

 
48.2

 
45.6

 
62.4

Ratio of earnings to fixed charges
 
1.70

 
8.31

 
5.61

 
2.77

 
3.01

Ratio of earnings to fixed charges and preferred stock dividends
 
1.70

 
8.31

 
5.61

 
2.77

 
3.01

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(1)
Grace preferred stocks were retired in 1996.

1