Attached files
Exhibit 12
Cytec Industries Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Three Months Ended June 30, |
Six Months Ended June 30, |
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2010 | 2009 | 2010 | 2009 | |||||||||||||
Earnings from continuing operations before income taxes, equity in earnings of associated companies, minority interest and cumulative effect of accounting change |
$ | 86.1 | $ | (36.2 | ) | $ | 136.1 | $ | (35.3 | ) | ||||||
Add: |
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Distributed income of associated companies |
0.7 | 1.0 | 0.7 | 1.0 | ||||||||||||
Amortization of capitalized interest |
0.5 | 0.5 | 1.1 | 0.9 | ||||||||||||
Fixed charges |
11.7 | 9.9 | 23.6 | 19.9 | ||||||||||||
Less: |
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Capitalized interest |
(0.8 | ) | (1.8 | ) | (1.4 | ) | (3.2 | ) | ||||||||
Minority interest |
(0.6 | ) | (0.4 | ) | (1.5 | ) | (0.6 | ) | ||||||||
Earnings as adjusted |
$ | 97.6 | $ | (27.0 | ) | $ | 158.6 | $ | (17.3 | ) | ||||||
Fixed charges: |
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Interest on indebtedness including amortized premiums, discount and deferred financing costs |
$ | 10.3 | $ | 8.6 | $ | 20.8 | $ | 17.3 | ||||||||
Portion of rents representative of the interest factor |
1.4 | 1.3 | 2.8 | 2.6 | ||||||||||||
Fixed charges |
$ | 11.7 | $ | 9.9 | $ | 23.6 | $ | 19.9 | ||||||||
Ratio of earnings to fixed charges (1) |
8.3 | N/A | 6.7 | N/A | ||||||||||||
(1) | In order to achieve a one-to-one ratio of earnings to fixed charges for the three and six months ended June 30, 2009, earnings would have to increase by $36.9M and $37.2M, respectively. |