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EXHIBIT 12
MASCO CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(THOUSANDS OF DOLLARS)
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SIX
MONTHS
ENDED YEAR ENDED DECEMBER 31
JUNE 30, ----------------------------------------------------
2000 1999 1998 1997 1996 1995
-------- ---------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
Income from continuing
operations before
income taxes $570,400 $ 904,100 $ 905,500 $733,800 $575,600 $396,600
Deduct/add equity in
undistributed
(earnings)/loss of
fifty-percent-or-
less-owned companies (8,960) (18,720) (24,070) (19,470) (12,310) (17,770)
Add interest on
indebtedness, net 87,110 121,520 115,700 94,780 78,790 78,350
Add amortization of debt
expense 1,160 1,350 2,130 2,310 1,400 1,930
Add estimated interest
factor for rentals 9,440 16,080 11,430 9,270 7,120 5,870
-------- ---------- ---------- -------- -------- --------
Earnings before income
taxes and fixed charges $659,150 $1,024,330 $1,010,690 $820,690 $650,600 $464,980
======== ========== ========== ======== ======== ========
FIXED CHARGES:
Interest on indebtedness $ 90,730 $ 129,860 $ 119,750 $ 97,910 $ 81,250 $ 81,410
Amortization of debt
expense 1,160 1,350 2,130 2,310 1,400 1,930
Estimated interest factor
for rentals 9,440 16,080 11,430 9,270 7,120 5,870
-------- ---------- ---------- -------- -------- --------
$101,330 $ 147,290 $ 133,310 $109,490 $ 89,770 $ 89,210
======== ========== ========== ======== ======== ========
Ratio of earnings to fixed
charges 6.5 7.0 7.6 7.5 7.2 5.2
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