Exhibit 12
MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
<TABLE>
(Thousands of Dollars)
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Three
Months
Ended
March 31, Year Ended December 31
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2000 1999 1998 1997 1996 1995
-------- ---------- ---------- -------- -------- --------
Earnings Before Income Taxes
and Fixed Charges:
<S> <C> <C> <C> <C> <C> <C>
Income from continuing
operations before
income taxes $276,000 $ 904,100 $ 905,500 $733,800 $575,600 $396,600
Deduct/add equity in
undistributed
(earnings)/loss of
fifty-percent-or-
less-owned companies (4,640) (18,720) (24,070) (19,470) (12,310) (17,770)
Add interest on
indebtedness, net 39,370 121,520 115,700 94,780 78,790 78,350
Add amortization of debt
expense 310 1,350 2,130 2,310 1,400 1,930
Add estimated interest
factor for rentals 4,630 16,080 11,430 9,270 7,120 5,870
-------- ---------- ---------- -------- -------- --------
Earnings before income
taxes and fixed charges $315,670 $1,024,330 $1,010,690 $820,690 $650,600 $464,980
======== ========== ========== ======== ======== ========
Fixed Charges:
Interest on indebtedness $ 41,190 $ 129,860 $ 119,750 $ 97,910 $ 81,250 $ 81,410
Amortization of debt
expense 310 1,350 2,130 2,310 1,400 1,930
Estimated interest factor
for rentals 4,630 16,080 11,430 9,270 7,120 5,870
-------- ---------- ---------- -------- -------- --------
$ 46,130 $ 147,290 $ 133,310 $109,490 $ 89,770 $ 89,210
======== ========== ========== ======== ======== ========
Ratio of earnings to fixed
charges 6.8 7.0 7.6 7.5 7.2 5.2
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