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HARSCO CORPORATION
Exhibit 12
Computation of Ratios of Earnings to Fixed Charges
(In Thousands of Dollars)
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<CAPTION>
Six
Months YEARS ENDED DECEMBER 31
Ended -------------------------------------------------------------
6/30/00 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Pre-tax income from continuing
operations (net of minority interest
in net income) $ 75,553 $ 142,312 $ 174,874 $ 165,613 $ 145,984 $ 107,073
Add fixed charges computed below 22,290 37,418 28,417 24,263 26,181 33,121
Net adjustments for equity companies 1,025 365 139 (694) (181) (466)
Net adjustments for capitalized
interest 64 (535) (10) -- -- --
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Consolidated Earnings Available
for Fixed Charges $ 98,932 $ 179,560 $ 203,420 $ 189,182 $ 171,984 $ 139,728
========= ========= ========= ========= ========= =========
Consolidated Fixed Charges:
Interest expense per financial
statements (1) $ 16,217 $ 26,968 $ 20,504 $ 16,741 $ 21,483 $ 28,921
Interest expense capitalized -- 893 128 128 131 134
Portion of rentals (1/3) representing
an interest factor 6,073 9,557 7,785 7,394 4,567 4,066
Interest expense for equity companies
whose debt is guaranteed (2) -- -- -- -- -- --
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Consolidated Fixed Charges $ 22,290 $ 37,418 $ 28,417 $ 24,263 $ 26,181 $ 33,121
========= ========= ========= ========= ========= =========
Consolidated Ratio of Earnings to
Fixed Charges 4.44 4.80 7.16 7.80 6.57 4.22
========= ========= ========= ========= ========= =========
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(1) Includes amortization of debt discount and expense.
(2) No fixed charges were associated with debt of less than fifty percent owned
companies guaranteed by the Company during the five year period 1995
through 1999, and the six month period ending June 30, 2000.
