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Exhibit 12
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DOVER CORPORATION
STATEMENT REGARDING COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(dollar amounts in thousands)
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended Year Ended Year Ended Six Months
December December December 31, December 31, December 31, Ended June
31, 1995 31, 1996 1997 1998 1999 30, 2000
-------- -------- ---- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
Earnings from continuing operations
before income taxes.............. $384,264 $502,109 $492,274 $488,646 $615,004 $388,405
Add Fixed Charges:
Interest Expense................. 39,585 41,663 46,163 60,746 53,401 41,438
Rent Expense (Interest Portion) 4,231 5,810 5,519 7,549 10,932 6,904
-------- -------- -------- -------- -------- --------
Total Fixed Charges................. $ 43,816 $ 47,473 $ 51,682 $ 68,295 64,333 48,342
-------- -------- -------- -------- -------- --------
Earnings as Adjusted................ $428,080 $549,582 $543,956 $556,941 $679,337 $436,747
======== ======== ======== ======== ======== ========
Ratio of Earnings to Fixed
Charges.......................... 9.8x 11.6x 10.5x 8.2x 10.6x 9.0x
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We have computed these ratios by dividing earnings available for fixed charges
for each period by fixed charges for that period. We calculated earnings
available for fixed charges by adding pre-tax income and fixed charges. Fixed
charges are the sum of interest expense, including the amount we amortize for
debt financing costs, and our estimate of the amount of interest within our
rental expense. The ratios reflect the disposition of the Dover Elevator segment
of our business on January 5, 1999.
