EX-12 3 ex12dec2015.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit




EXHIBIT 12

CROWN HOLDINGS, INC.

COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES

 
Twelve months ended
 
Twelve months ended
 
 
12/31/2015
 
12/31/2014
 
Computation of Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes, minority interests and equity earnings
$639
 
$516
 
 
 
 
 
 
Adjustments to income
 
 
 
 
 
 
 
 
 
     Add: Distributed income from less than 50% owned companies
—
 
—
 
 
 
 
 
 
     Add: Fixed charges as presented below
290
 
275
 
 
 
 
 
 
     Subtract: Interest capitalized
(2)
 
(1)
 
 
 
 
 
 
     Add: Amortization of interest previously capitalized
2
 
1
 
 
 
 
 
 
          Earnings
$929
 
$791
 
 
 
 
 
 
Computation of fixed charges:
 
 
 
 
 
 
 
 
 
     Interest incurred
$253
 
$239
 
 
 
 
 
 
     Interest capitalized
2
 
1
 
 
 
 
 
 
     Amortization of debt related costs
17
 
14
 
 
 
 
 
 
     Portion of rental expense representative of interest (1)
18
 
21
 
 
 
 
 
 
          Total fixed charges
$290
 
$275
 
 
 
 
 
 
          Ratio of earnings to fixed charges
3.2
 
2.9
 

(1)
One-third of net rent expense is the portion deemed representative of the interest factor.