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CORNING INCORPORATED AND SUBSIDIARY COMPANIES Exhibit #12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
(Dollars in millions, except ratios)
Nine Months Ended
Sept. 30, 2000
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Income before taxes on income $ 711.4
Adjustments:
Share of earnings before taxes of 50% owned companies 181.7
Loss before taxes of greater than 50% owned unconsolidated
subsidiary (2.2)
Distributed income of less than 50% owned companies and
share of loss if debt is guaranteed
Amortization of capitalized interest 8.8
Fixed charges net of capitalized interest 124.7
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Earnings before taxes and fixed charges as adjusted $1,024.4
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Fixed charges:
Interest incurred $ 116.3
Share of interest incurred of 50% owned companies and
interest on guaranteed debt of less than 50% owned companies 21.8
Interest incurred by greater than 50% owned unconsolidated
subsidiary 0.2
Portion of rent expense which represents interest factor 18.0
Share of portion of rent expense which represents interest
factor for 50% owned companies 4.3
Portion of rent expense which represents interest factor
for greater than 50% owned unconsolidated subsidiary 0.1
Amortization of debt costs 2.6
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Total fixed charges 163.3
Capitalized interest (38.6)
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Total fixed charges net of capitalized interest $ 124.7
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Preferred dividends:
Preferred dividend requirements $ 0.6
Ratio of pre-tax income to income before minority interest
and equity earnings 1.7
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Pre-tax preferred dividend requirement 1.0
Total fixed charges 163.3
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Fixed charges and pre-tax preferred dividend requirement $ 164.3
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Ratio of earnings to combined fixed charges and preferred
dividends 6.2x
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