Attached files
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| 8-K - FORM 8-K - DOVER Corp | d201698d8k.htm |
Exhibit 12
Statement Regarding Computation of
Ratio of Earnings to Fixed Charges
| Nine Months Ended September 30, |
For the Year Ended December 31, | |||||||||||||||||||||||||||
| (dollar amounts in thousands) |
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||
| Earnings from continuing operations before provision for income taxes |
$ | 631,120 | $ | 863,220 | $ | 1,094,207 | $ | 1,045,986 | $ | 931,065 | $ | 801,307 | $ | 623,894 | ||||||||||||||
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| Add Fixed Charges: |
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| Interest expense |
99,156 | 99,125 | 131,689 | 124,535 | 125,992 | 124,705 | 115,324 | |||||||||||||||||||||
| Rent expense (interest portion)(a) |
21,624 | 23,626 | 31,380 | 33,000 | 29,176 | 29,036 | 25,222 | |||||||||||||||||||||
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| Total fixed charges |
120,780 | 122,751 | 163,069 | 157,535 | 155,168 | 153,741 | 140,546 | |||||||||||||||||||||
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| Earnings as adjusted |
$ | 751,900 | $ | 985,971 | $ | 1,257,276 | $ | 1,203,521 | $ | 1,086,233 | $ | 955,048 | $ | 764,440 | ||||||||||||||
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| Ratio of earnings to fixed charges |
6.23 | 8.03 | 7.71 | 7.64 | 7.00 | 6.21 | 5.44 | |||||||||||||||||||||
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(a) Fixed charges include the portion of rental expense that management believes is representative of the interest component.
The earnings to fixed charges ratio is calculated by dividing earnings available for fixed charges for each period by fixed charges for that period. Earnings available for fixed charges is calculated by adding pre-tax income from continuing operations and fixed charges. Fixed charges are the sum of interest expense, the amount amortized from debt financing costs, and an estimate of the amount of interest within the Company’s rental expense (for both continuing and discontinued operations). All interest expense for the Company is classified within continuing operations.