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<TABLE>
<CAPTION>
Exhibit 12
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(In Millions of Dollars)
SECOND QUARTER SIX MONTHS
2000 1999 2000 1999
------ ------ ----- -----
<S> <C> <C> <C> <C>
Earnings before income taxes $76.7 $38.1 $149.7 $85.5
Add:
Interest expense 9.0 8.6 16.8 17.3
Portion of rents representative of
interest factor 3.6 3.7 7.2 7.5
Amortization of expense of long-
term debt 0.1 - 0.1 0.1
----- ----- ----- -----
Income as adjusted $89.4 $50.4 $173.8 $110.4
====== ====== ====== ======
Fixed charges:
Interest expense $ 9.0 8.6 $ 16.8 $17.3
Portion of rents representative of
interest factor 3.6 3.7 7.2 7.5
Amortization of expense on long-
term debt 0.1 - 0.1 0.1
----- ----- ----- -----
Fixed charges $12.7 $12.3 $24.1 $24.9
====== ====== ====== ======
Ratio of earnings to fixed charges 7.04 4.10 7.21 4.43
====== ====== ====== ======
-15-
</TABLE>
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