Attached files
Exhibit 12
Cytec Industries Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
| Year Ended December 31, | ||||||||||||
| 2009 | 2008 | 2007 | ||||||||||
| Earnings from continuing operations before income taxes, equity in earnings of associated companies, minority interest and cumulative effect of accounting change (1) |
$ | (4.7 | ) | $ | (151.1 | ) | $ | 282.5 | ||||
| Add: |
||||||||||||
| Distributed income of associated companies |
2.0 | 2.4 | 3.3 | |||||||||
| Amortization of capitalized interest |
1.9 | 2.4 | 2.1 | |||||||||
| Fixed charges |
45.1 | 46.9 | 51.9 | |||||||||
| Less: |
||||||||||||
| Capitalized interest |
(8.2 | ) | (3.0 | ) | (1.9 | ) | ||||||
| Minority interest |
(1.6 | ) | (1.8 | ) | (0.8 | ) | ||||||
| Earnings as adjusted |
$ | 34.5 | $ | (104.2 | ) | $ | 337.1 | |||||
| Fixed charges: |
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| Interest on indebtedness including amortized premiums, discount and deferred financing costs (3) |
$ | 39.8 | $ | 41.6 | $ | 46.0 | ||||||
| Portion of rents representative of the interest factor |
5.3 | 5.3 | 5.9 | |||||||||
| Fixed charges |
$ | 45.1 | $ | 46.9 | $ | 51.9 | ||||||
| Ratio of earnings to fixed charges (2) |
0.8 | N/A | 6.5 | |||||||||
| (1) | 2008 includes a $385.0 before tax non-cash goodwill impairment charge ($358.3 after tax). |
| (2) | In order to achieve a one-to-one ratio of earnings to fixed charges for the years ended December 31, 2009 and 2008, earnings would need to increase by $10.6 and $151.1, respectively. |
| (3) | Interest on unrecognized tax benefits are not included as they are recognized as part of income tax expense. |