Attached files
Exhibit 12
Cytec Industries Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2009 | 2008 | 2009 | 2008 | |||||||||||||
Earnings from continuing operations before income taxes, equity in earnings of associated companies, minority interest and cumulative effect of accounting change |
$ | 20.4 | $ | 69.5 | $ | (14.9 | ) | $ | 222.9 | |||||||
Add: |
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Distributed income of associated companies |
0.0 | 0.0 | 1.0 | 2.4 | ||||||||||||
Amortization of capitalized interest |
0.5 | 0.8 | 1.3 | 1.9 | ||||||||||||
Fixed charges |
12.4 | 11.7 | 32.3 | 36.0 | ||||||||||||
Less: |
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Capitalized interest |
(1.7 | ) | (0.8 | ) | (4.9 | ) | (1.9 | ) | ||||||||
Minority interest |
(0.4 | ) | (0.5 | ) | (1.0 | ) | (1.3 | ) | ||||||||
Earnings as adjusted |
$ | 31.2 | $ | 80.7 | $ | 13.8 | $ | 260.0 | ||||||||
Fixed charges: |
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Interest on indebtedness including amortized premiums, discount and deferred financing costs |
$ | 11.1 | $ | 10.2 | $ | 28.4 | $ | 31.5 | ||||||||
Portion of rents representative of the interest factor |
1.3 | 1.5 | 3.9 | 4.5 | ||||||||||||
Fixed charges |
$ | 12.4 | $ | 11.7 | $ | 32.3 | $ | 36.0 | ||||||||
Ratio of earnings to fixed charges (1) |
2.5 | 6.9 | 0.4 | 7.2 | ||||||||||||
(1) | In order to achieve a one-to-one ratio of earnings to fixed charges for the nine months ended September 30, 2009, earnings would need to increase by $18.5. |