Attached files
Exhibit 12
Carpenter Technology Corporation
Computation of Ratios of Earnings to Fixed Charges — unaudited
Five Years ended June 30, 2010
(dollars in millions)
| Year Ended June 30, | |||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
| Fixed charges: |
|||||||||||||||||||
| Interest costs(a) |
$ | 18.8 | $ | 20.1 | $ | 22.8 | $ | 23.3 | $ | 23.6 | |||||||||
| Interest component of non-capitalized lease rental expense (b) |
2.3 | 2.1 | 2.2 | 3.0 | 1.8 | ||||||||||||||
| Total fixed charges |
$ | 21.1 | $ | 22.2 | $ | 25.0 | $ | 26.3 | $ | 25.4 | |||||||||
| Earnings as defined: |
|||||||||||||||||||
| Income before income taxes |
$ | 4.7 | $ | 63.0 | $ | 297.3 | $ | 312.0 | $ | 291.4 | |||||||||
| Less income from less-than-fifty-percent owned entities, and loss on sale of partial interest in less-than-fifty percent owned enities |
(1.0 | ) | 0.1 | (1.1 | ) | (1.2 | ) | (1.6 | ) | ||||||||||
| Fixed charges less interest capitalized |
20.1 | 18.2 | 22.7 | 25.8 | 25.1 | ||||||||||||||
| Amortization of capitalized interest |
2.8 | 2.5 | 2.5 | 2.5 | 2.5 | ||||||||||||||
| Earnings as defined |
$ | 26.6 | $ | 83.8 | $ | 321.4 | $ | 339.1 | $ | 317.4 | |||||||||
| Ratio of earnings to fixed charges |
1.3x | 3.8x | 12.9x | 12.9x | 12.5x | ||||||||||||||
| (a) | Includes interest capitalized relating to significant construction projects, and amortization of debt discount and debt issue costs. |
| (b) | One-third of rental expense which approximates the interest component of non-capitalized leases. |