EX-12.1 6 l12253aexv12w1.txt EX-12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 THE LUBRIZOL CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (all amounts except ratios are shown in millions)
2004 2003 2002 2001 2000 --------- -------- ------- ------- ------- Pretax income $ 146.6 $ 129.1 $ 180.4 $ 139.9 $ 170.3 Add (deduct) earnings of less than 50% owned affiliates (net of distributed earnings) included in pretax income (0.8) 0.8 1.6 (0.6) 1.1 Add losses of less than 50% owned affiliates included in pretax income - 0.2 - 2.1 1.8 Add fixed charges net of capitalized interest 85.8 30.4 28.5 29.7 32.3 Add previously capitalized interest amortized during period 1.2 1.3 1.1 1.6 1.3 --------- -------- ------- ------- ------- "Earnings" $ 232.8 $ 161.8 $ 211.6 $ 172.7 $206.8 ========= ======== ======= ======= ======= Gross interest expense including capitalized interest $ 77.6 $ 25.3 $ 22.2 $ 24.1 $ 26.3 Interest portion of rental expense 8.8 5.3 5.2 4.7 5.4 --------- -------- ------- ------- ------- "Fixed charges" $ 86.4 $ 30.6 $ 27.4 $ 28.8 $ 31.7 ========= ======== ======= ======= ======= Ratio of earnings to fixed charges 2.69 5.29 7.72 6.00 6.52 ========= ======== ======= ======= =======