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Previous: AVERY DENNISON CORPORATION, 10-Q, 2000-08-15 |
Next: AVERY DENNISON CORPORATION, 10-Q, EX-27, 2000-08-15 |
<PAGE>
AVERY DENNISON CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
----------------------------- ----------------------------
July 1, 2000 July 3, 1999 July 1, 2000 July 3, 1999
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Earnings:
Income before taxes $ 110.4 $ 97.7 $ 218.0 $ 125.9
Add: Fixed charges* 19.3 13.6 36.7 28.0
Amortization of capitalized interest .4 .4 .8 .8
Less: Capitalized interest (.3) (.6) (1.1) (.8)
------- ------- -------- --------
$ 129.8 $ 111.1 $ 254.4 $ 153.9
======= ======= ======== ========
*Fixed charges:
Interest expense $ 14.6 $ 9.2 $ 26.9 $ 19.6
Capitalized interest .3 .6 1.1 .8
Amortization of debt issuance costs .1 .1 .2 .2
Interest portion of leases 4.3 3.7 8.5 7.4
------- ------- -------- --------
$ 19.3 $ 13.6 $ 36.7 $ 28.0
======= ======= ======== ========
Ratio of Earnings to Fixed Charges 6.7 8.2 6.9 5.5
======= ======= ======== ========
</TABLE>
The ratios of earnings to fixed charges were computed by dividing earnings by
fixed charges. For this purpose, "earnings" consist of income before taxes
plus fixed charges (excluding capitalized interest), and "fixed charges"
consist of interest expense, capitalized interest, amortization of debt
issuance costs and the portion of rent expense (estimated to be 35%) on
operating leases deemed representative of interest.
Exhibit 12
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