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Previous: CARPENTER TECHNOLOGY CORP, 10-K, EX-10, 2000-09-26 |
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Exhibit 12
Carpenter Technology Corporation
Computations of Ratios of Earnings to Fixed Charges -- unaudited
Five years Ended June 30, 2000
(dollars in millions)
2000 |
1999 |
1998(b) |
1997 |
1996 |
|
| Fixed charges: | |||||
| Interest costs(a) | $ 39.4 |
$ 34.8 |
$ 31.2 |
$ 22.3 |
$ 19.3 |
| Interest
component of non-capitalized lease rental expense(c) |
3.5 |
3.2 |
2.9 |
2.4 |
2.0 |
Total fixed charges |
$ 42.9 |
$ 38.0 |
$ 34.1 |
$ 24.7 |
$ 21.3 |
| Earnings as defined: | |||||
| Income before income taxes | $ 79.9 |
$ 55.8 |
$136.9 |
$ 97.9 |
$ 95.2 |
| Less
income from less-than-fifty- percent-owned entities, and add loss on sale of partial interest in less-than-fifty-percent owned entities |
(1.1) |
0.0 |
3.4 |
1.2 |
4.3 |
| Fixed
charges less interest capitalized |
36.9 |
32.5 |
32.0 |
22.3 |
21.0 |
| Amortization of capitalized interest | 2.8 |
2.0 |
1.9 |
1.9 |
2.1 |
| Earnings as defined | $118.5 |
$ 90.3 |
$174.2 |
$123.3 |
$122.6 |
| Ratio of earnings to fixed charges | 2.8x |
2.4x |
5.1x |
5.0x |
5.7x |
(a)
Includes interest capitalized relating to significant construction projects, and(b)
Excludes interest and earnings related to net assets held for sale.(c)
One-third of rental expense which approximates the interest component of|
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