MASCO CORP /DE/ - FORM 10-K - EX-12 - February 12, 2016

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EX-23 - EX-23 - MASCO CORP /DE/a2227221zex-23.htm
EX-32 - EX-32 - MASCO CORP /DE/a2227221zex-32.htm
EX-21 - EX-21 - MASCO CORP /DE/a2227221zex-21.htm
EX-3.I - EX-3.I - MASCO CORP /DE/a2227221zex-3_i.htm
EX-31.A - EX-31.A - MASCO CORP /DE/a2227221zex-31_a.htm
EX-31.B - EX-31.B - MASCO CORP /DE/a2227221zex-31_b.htm
EX-10.E - EX-10.E - MASCO CORP /DE/a2227221zex-10_e.htm
EX-10.E(I) - EX-10.E(I) - MASCO CORP /DE/a2227221zex-10_ei.htm
EX-10.I.I - EX-10.I.I - MASCO CORP /DE/a2227221zex-10_ii.htm
EX-10.B.I - EX-10.B.I - MASCO CORP /DE/a2227221zex-10_bi.htm
EX-10.D.I(I) - EX-10.D.I(I) - MASCO CORP /DE/a2227221zex-10_dii.htm
EX-10.B.III - EX-10.B.III - MASCO CORP /DE/a2227221zex-10_biii.htm
EX-10.D.I(IV) - EX-10.D.I(IV) - MASCO CORP /DE/a2227221zex-10_diiv.htm
EX-10.D.I(II) - EX-10.D.I(II) - MASCO CORP /DE/a2227221zex-10_diii.htm
EX-10.B.I(I)(C) - EX-10.B.I(I)(C) - MASCO CORP /DE/a2227221zex-10_biic.htm
EX-10.I.III - EX-10.I.III - MASCO CORP /DE/a2227221zex-10_iiii.htm
EX-10.B.I(II)(C) - EX-10.B.I(II)(C) - MASCO CORP /DE/a2227221zex-10_biiic.htm
10-K - 10-K - MASCO CORP /DE/a2227221z10-k.htm
EX-4.B.I(IV) - EX-4.B.I(IV) - MASCO CORP /DE/a2227221zex-4_biiv.htm

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Exhibit 12

MASCO CORPORATION

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 
   (Dollars in Millions)

  
 
   Year Ended December 31,    
  
 
   2015   2014   2013   2012   2011  

Earnings Before Income Taxes, Preferred Stock Dividends and Fixed Charges:

                                

Income (loss) from continuing operations before income taxes

   $ 689   $ 507   $ 386   $ 155   $ (322 )

Deduct equity in undistributed (earnings) loss of fifty-percent-or-less-owned companies          

     (2 )   2     (16 )   —     (9 )

Add interest on indebtedness, net

     222     221     230     249     250  

Add amortization of debt expense

     5     5     6     7     7  

Add estimated interest factor for rentals

     19     33     31     31     33  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (loss) before income taxes, noncontrolling interest, fixed charges and preferred stock dividends

   $ 933   $ 768   $ 637   $ 442   $ (41 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Charges:

                                

Interest on indebtedness

   $ 223   $ 221   $ 229   $ 248   $ 249  

Amortization of debt expense

     5     5     6     7     7  

Estimated interest factor for rentals

     19     33     31     31     33  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 247   $ 259   $ 266   $ 286   $ 289  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Preferred stock dividends (a)

   $ —   $ —   $ —   $ —   $ —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Combined fixed charges and preferred stock dividends

   $ 247   $ 259   $ 266   $ 286   $ 289  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     3.8     3.0     2.4     1.5     (0.1 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to combined fixed charges and preferred stock dividends

     3.8     3.0     2.4     1.5     (0.1 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to combined fixed charges and preferred stock dividends excluding certain items (b)

     3.8     2.9     2.4     1.7     1.4  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Represents amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company.

(b)
Excludes the 2014 litigation settlement income of $9 million; the 2012 non-cash, pre-tax impairment charge for other intangible assets of $42 million and litigation expense of $1 million; the 2011 non-cash, pre-tax impairment charge for goodwill and other intangible assets of $450 million and litigation expense of $9 million.



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