EX-12 5 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

 

EXHIBIT 12

 

LEGGETT AND PLATT, INCORPORATED AND SUBSIDIARIES

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(Amounts in millions of dollars)

 

    

Twelve Months Ended

December 31,

    

2002

   

2001

   

2000

   

1999

   

1998

Earnings

                                   

Income from continuing operations before income tax

   

$

363.5

   

$

297.3

   

$

418.6

   

$

462.6

   

$

395.6

Interest expense (excluding amount capitalized)

   

 

42.1

   

 

58.8

   

 

66.3

   

 

43.0

   

 

38.5

Portion of rental expense under operating leases representative of an interest factor

   

 

11.2

   

 

10.6

   

 

9.4

   

 

8.2

   

 

6.7

    
  
  
  
  

Total earnings

   

$

416.8

   

$

366.7

   

$

494.3

   

$

513.8

   

$

440.8

    
  
  
  
  

Fixed charges

                                   

Interest expense (including amount capitalized)

   

$

43.3

   

$

60.2

   

$

67.7

   

$

44.0

   

$

39.2

Portion of rental expense under operating leases representative of an interest factor

   

 

11.2

   

 

10.6

   

 

9.4

   

 

8.2

   

 

6.7

    
  
  
  
  

Total fixed charges

   

$

54.5

   

$

70.8

   

$

77.1

   

$

52.2

   

$

45.9

    
  
  
  
  

Ratio of earnings to fixed charges

   

 

7.6

   

 

5.2

   

 

6.4

   

 

9.8

   

 

9.6

    
  
  
  
  

 

Earnings consist principally of income from continuing operations before income taxes, plus fixed charges. Fixed charges consist principally of interest costs.