<TABLE>
<CAPTION>
CORNING INCORPORATED AND SUBSIDIARY COMPANIES Exhibit #12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in millions, except ratios)
Six Months Ended Year Ended
----------------- --------------------------------------------
June 30, June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Income before taxes on
income $391.1 $290.9 $ 674.9 $482.3 $665.8 $519.1 $356.9
Adjustments:
Share of earnings before
taxes of 50% owned
companies 106.1 72.2 167.8 175.2 111.3 129.5 94.7
Gain (loss) before taxes of
greater than 50% owned
unconsolidated subsidiary (1.4) (1.2) 0.7 (3.1)
Distributed income of less
than 50% owned companies
and share of loss if debt
is guaranteed (1.1)
Amortization of capitalized
interest 5.8 7.4 14.5 14.4 16.6 11.8 9.6
Fixed charges net of
capitalized interest 82.8 73.5 156.9 138.8 154.9 113.8 90.8
------ ------ -------- ------ ------ ------ ------
Earnings before taxes and
fixed charges as adjusted $584.4 $444.0 $1,012.9 $809.6 $948.6 $774.9 $548.9
====== ====== ======== ====== ====== ====== ======
Fixed charges:
Interest incurred $ 72.0 $ 66.7 $ 134.5 $113.6 $107.7 $ 79.4 $ 71.7
Share of interest
incurred of 50% owned
companies and interest on
guaranteed debt of less
than 50% owned companies 14.1 18.7 33.5 45.4 51.5 38.8 10.2
Interest incurred by
greater than 50% owned
unconsolidated
subsidiary 0.7
Portion of rent expense
which represents
interest factor 11.4 10.4 21.4 19.4 17.2 13.7 14.6
Share of portion of rent
expense which represents
interest factor for
50% owned companies 3.1 2.6 5.0 5.0 3.8 1.4 2.7
Portion of rent expense
which represents interest
factor for greater than
50% owned unconsolidated
subsidiary
Amortization of debt costs 1.7 1.7 3.9 3.4 1.8 2.6 0.5
------ ------ -------- ------ ------ ------ ------
Total fixed charges 102.3 100.1 198.3 186.8 182.0 135.9 100.4
Capitalized interest (19.5) (26.6) (41.4) (48.0) (27.1) (22.1) (9.6)
------ ------ -------- ------ ------ ------ ------
Total fixed charges net
of capitalized interest $ 82.8 $ 73.5 $ 156.9 $138.8 $154.9 $113.8 $ 90.8
====== ====== ======== ====== ====== ====== ======
Preferred dividends:
Preferred dividend
requirements $ 0.4 $ 2.9 $ 3.5 $ 15.3 $ 15.3 $ 15.7 $ 15.7
Ratio of pre-tax income
to income before
minority interest
and equity earnings 2.0 1.4 1.4 1.4 1.5 1.5 1.5
------ ------ -------- ------ ------ ------ ------
Pre-tax preferred
dividend requirement 0.8 4.1 4.9 21.4 23.0 23.6 23.6
Total fixed charges 102.3 100.1 198.3 186.8 182.0 135.9 100.4
------ ------ -------- ------ ------ ------ ------
Fixed charges and
pre-tax preferred
dividend requirement $103.1 $104.2 $ 203.2 $208.2 $205.0 $159.5 $124.0
====== ====== ======== ====== ====== ====== ======
Ratio of earnings to
combined fixed charges
and preferred dividends 5.7x 4.3x 5.0x 3.9x 4.6x 5.0x 4.4x
====== ====== ======== ====== ====== ====== ======
</TABLE>
