EX-12 12 l90484aex12.txt EXHIBIT 12 EXHIBIT 12 FERRO CORPORATION AND SUBSIDIARIES RATIO OF EARNINGS TO FIXED CHARGES
SEPTEMBER SEPTEMBER DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER (DOLLARS IN THOUSANDS) 2001 2000 2000 1999 1998 1997 1996 --------- --------- -------- -------- -------- -------- -------- EARNINGS: PRE-TAX INCOME 52,381 91,204 116,615 116,114 110,481 (48,470) 88,207 ADD: FIXED CHARGES 26,574 18,717 31,573 22,206 18,761 15,293 15,868 LESS: INTEREST CAPITALIZATION (613) (340) (541) (1,312) (637) (482) (555) ------- -------- -------- -------- -------- ------- -------- TOTAL EARNINGS 78,342 109,581 147,647 137,008 128,605 (33,659) 103,520 ======= ======== ======== ======== ======== ======= ======== FIXED CHARGES: INTEREST EXPENSE 24,016 17,885 24,925 18,343 15,284 12,163 13,031 PREFERRED STOCK DIVIDENDS 2,333 2,626 3,460 3,460 4,038 4,229 4,409 INTEREST CAPITALIZATION 613 340 541 1,312 637 482 555 INTEREST PORTION OF RENTAL EXPENSE 1,945 1,897 2,647 2,551 2,840 2,648 2,282 ------- -------- -------- -------- -------- ------- -------- TOTAL FIXED CHARGES 28,906 22,749 31,573 25,666 22,799 19,522 20,277 ======= ======== ======== ======== ======== ======= ======== TOTAL EARNINGS 80,674 112,207 147,647 140,468 132,643 (29,430) 107,928 DIVIDED BY: TOTAL FIXED CHARGES 28,906 22,749 31,573 25,666 22,799 19,522 20,277 ------- -------- -------- -------- -------- ------- -------- RATIO 2.79 4.93 4.68 5.47 5.82 -- 5.32 RATIO EXCLUDING PREFERRED STOCK DIVIDENDS 2.95 5.45 5.13 6.17 6.85 -- 6.52