EX-12 5 pdm104g.txt COMPUTATION RATIO EARNINGS TO FIXED CHARGES Exhibit (12) SNAP-ON INCORPORATED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in millions)
Thirteen Weeks Ended Twenty-six Weeks Ended ------------------------------ ----------------------------- June 30, July 1, June 30, July 1, 2001 2000 2001 2000 ------------ ------------ ------------ ------------ Net Earnings $ 8.9 $ 45.7 $ 35.8 $106.4 Adjustments: Income taxes 7.2 26.3 24.1 46.7 Minority interest in earnings of consolidated subsidiaries .6 .6 1.0 1.2 Cumulative effect - - 2.5 (25.4) -------- ------- ------- ------ Net Earnings as Defined 16.7 72.6 63.4 128.9 Fixed Charges: Interest on debt 9.2 10.6 18.1 20.9 Interest element of rentals 1.3 1.3 2.6 2.6 -------- ------- ------- ------ Total Fixed Charges 10.5 11.9 20.7 23.5 -------- ------- ------- ------ Total Adjusted Earnings Available for Payment of Fixed Charges $ 27.2 $ 84.5 $ 84.1 $152.4 ======= ======= ======= ====== Ratio of Earnings to Fixed Charges 2.6 7.1 4.1 6.5 ======= ======= ======= ====== For purpose of computing this ratio, "earnings" consists of (a) income from continuing operations before income taxes and adjusted for minority interest, and (b) "fixed charges," which consists of interest on debt and the estimated interest portion of rents.