Dow Chemical 2012 Annual Report Download - page 183
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157
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
For the Years Ended December 31
In millions, except ratios (Unaudited) 2012 2011 2010 2009 2008
Income from Continuing Operations Before
Income Taxes $ 1,665 $ 3,601 $ 2,802 $ 469 $ 1,277
Add (deduct):
Equity in earnings of nonconsolidated affiliates (536) (1,223) (1,112) (630) (787)
Distributed income of earnings of
nonconsolidated affiliates 823 1,016 668 690 836
Capitalized interest (84) (90) (72) (61) (97)
Amortization of capitalized interest 90 100 95 91 84
Preferred security dividends — — — (20) (63)
Adjusted earnings $ 1,958 $ 3,404 $ 2,381 $ 539 $ 1,250
Fixed charges:
Interest expense and amortization of debt
discount $ 1,269 $ 1,341 $ 1,473 $ 1,571 $ 648
Capitalized interest 84 90 72 61 97
Preferred security dividends ———2063
Rental expense – interest component 120 112 95 107 120
Total fixed charges $ 1,473 $ 1,543 $ 1,640 $ 1,759 $ 928
Earnings available for the payment of
fixed charges $ 3,431 $ 4,947 $ 4,021 $ 2,298 $ 2,178
Ratio of earnings to fixed charges 2.3 3.2 2.5 1.3 2.3
Earnings required for combined fixed
charges and preferred stock dividends:
Preferred stock dividends $ 340 $ 340 $ 340 $ 312 $ —
Adjustment to pretax basis (at 35 percent) 183 183 183 168 —
Preferred stock dividends - pretax $ 523 $ 523 $ 523 $ 480 $ —
Combined fixed charges and preferred stock
dividend requirements $ 1,996 $ 2,066 $ 2,163 $ 2,239 $ 928
Ratio of earnings to combined fixed charges
and preferred stock dividend requirements 1.7 2.4 1.9 1.0 2.3