Dow Chemical 2011 Annual Report Download - page 264

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Selected Exhibits Follow
The Dow Chemical Company and Subsidiaries EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
In millions, except ratios (Unaudited)
Income from Continuing Operations Before
Income Taxes
Add (deduct):
Equity in earnings of nonconsolidated affiliates
Distributed income of earnings of
nonconsolidated affiliates
Capitalized interest
Amortization of capitalized interest
Preferred security dividends
Adjusted earnings
Fixed charges:
Interest expense and amortization of debt
discount
Capitalized interest
Preferred security dividends
Rental expense – interest component
Total fixed charges
Earnings available for the payment of
fixed charges
Ratio of earnings to fixed charges
Earnings required for combined fixed
charges and preferred stock dividends:
Preferred stock dividends
Adjustment to pretax basis (at 35 percent)
Preferred stock dividends - pretax
Combined fixed charges and preferred stock
dividend requirements
Ratio of earnings to combined fixed charges
and preferred stock dividend requirements
For the Years Ended December 31
2011
$ 3,601
(1,223)
1,016
(90)
100
—
$ 3,404
$ 1,341
90
—
112
$ 1,543
$ 4,947
3.2
$ 340
183
$ 523
$ 2,066
2.4
2010
$ 2,802
(1,112)
668
(72)
95
—
$ 2,381
$ 1,473
72
—
95
$ 1,640
$ 4,021
2.5
$ 340
183
$ 523
$ 2,163
1.9
2009
$ 469
(630)
690
(61)
91
(20)
$ 539
$ 1,571
61
20
107
$ 1,759
$ 2,298
1.3
$ 312
168
$ 480
$ 2,239
1.0
2008
$ 1,277
(787)
836
(97)
84
(63)
$ 1,250
$ 648
97
63
120
$ 928
$ 2,178
2.3
$ —
—
$ —
$ 928
2.3
2007
$ 4,192
(1,122)
774
(85)
79
(81)
$ 3,757
$ 584
85
81
124
$ 874
$ 4,631
5.3
$ —
—
$ —
$ 874
5.3