Exhibit 12

H.B. FULLER COMPANY

Computations of Ratios of Earnings to Fixed Charges and

Ratios of Earnings to Fixed Charges and Preferred Stock Dividends

(Thousands of Dollars)

	First Half		Fiscal Year
	2004		2003		2002		2001		2000		1999
Ratio of Earnings to Fixed Charges:
Earnings:
Income before income taxes, minority interests, equity investments and accounting change	$	22,898	$	50,808	$	40,312	$	61,302	$	74,770	$	72,398
Add:
Interest expense		7,652		15,500		18,389		22,379		24,918		27,907
Interest portion of rental expense		566		1,412		1,702		1,326		1,252		1,096
Distributed earnings of 20-50% owned companies		—		469		—		1,240		734		—
Total Earnings Available for Fixed Charges	$	31,116	$	68,189	$	60,403	$	86,247	$	101,674	$	101,401
Fixed charges:
Interest on debt	$	7,463	$	14,683	$	17,559	$	21,678	$	24,296	$	27,264
Interest portion of rental expense		566		1,412		1,702		1,326		1,252		1,096
Total fixed charges	$	8,029	$	16,095	$	19,261	$	23,004	$	25,548	$	28,360
Ratio of earnings to fixed charges		3.9		4.2		3.1		3.7		4.0		3.6
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:
Total fixed charges, as above	$	8,029	$	16,095	$	19,261	$	23,004	$	25,548	$	28,360
Dividends on preferred stock (pre-tax basis)		—		—		11		23		24		25
Total fixed charges and preferred stock dividends	$	8,029	$	16,095	$	19,272	$	23,027	$	25,572	$	28,385
Earnings available for fixed charges and preferred stock dividends	$	31,116	$	68,189	$	60,403	$	86,247	$	101,674	$	101,401
Ratio of earnings to fixed charges and preferred stock dividends		3.9		4.2		3.1		3.7		4.0		3.6