EXHIBIT 12
 FERRO CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
 2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004(Dollars in thousands)Earnings:(Loss) income before income taxes
    
    $
    (56,537
    )
    
    $
    (117,518
    )
    
    $
    17,803
    
    
    $
    21,124
    
    
    $
    28,507Fixed charges
    
    
    54,383
    
    
    
    63,381
    
    
    
    66,657
    
    
    
    47,586
    
    
    
    42,993Minority interest & affiliate earnings
    
    
    381
    
    
    
    (420
    )
    
    
    (605
    )
    
    
    (603
    )
    
    
    (196
    )Dividends from equity investees
    
    
    721
    
    
    
    1,485
    
    
    
    1,590
    
    
    
    1,069
    
    
    
    5,292Depreciation on interest capitalized
    
    
    133
    
    
    
    562
    
    
    
    502
    
    
    
    389
    
    
    
    436Less: Interest capitalization
    
    
    (1,761
    )
    
    
    (2,271
    )
    
    
    (1,136
    )
    
    
    (71
    )
    
    
    (214
    )Total earnings
    
    $
    (2,680
    )
    
    $
    (54,781
    )
    
    $
    84,811
    
    
    $
    69,494
    
    
    $
    76,818Combined fixed charges and preferred
stock dividends:Interest
expense, including amortization of discounts and capitalized expenses
on debt
    
    $
    51,671
    
    
    $
    59,690
    
    
    $
    64,427
    
    
    $
    46,919
    
    
    $
    41,993Interest capitalization
    
    
    1,761
    
    
    
    2,271
    
    
    
    1,136
    
    
    
    71
    
    
    
    214Interest portion of rental expense
    
    
    951
    
    
    
    1,420
    
    
    
    1,094
    
    
    
    596
    
    
    
    786Total fixed charges
    
    
    54,383
    
    
    
    63,381
    
    
    
    66,657
    
    
    
    47,586
    
    
    
    42,993Preferred stock dividends
    
    
    923
    
    
    
    1,222
    
    
    
    1,445
    
    
    
    2,023
    
    
    
    1,869Combined fixed charges and preferred
stock dividends
    
    $
    55,306
    
    
    $
    64,603
    
    
    $
    68,102
    
    
    $
    49,609
    
    
    $
    44,862Ratio of earnings to fixed charges:Total earnings
    
    $
    (2,680
    )
    
    $
    (54,781
    )
    
    $
    84,811
    
    
    $
    69,494
    
    
    $
    76,818Divided by: Total fixed charges
    
    $
    54,383
    
    
    $
    63,381
    
    
    $
    66,657
    
    
    $
    47,586
    
    
    $
    42,993Ratio of earnings to fixed charges
    
    
    
    
    
    
    
    
    
    
    1.27
    
    
    
    1.46
    
    
    
    1.79Ratio of earnings to combined fixed
charges and preferred stock dividends:Total earnings
    
    $
    (2,680
    )
    
    $
    (54,781
    )
    
    $
    84,811
    
    
    $
    69,494
    
    
    $
    76,818Divided by: Combined fixed charges and
preferred stock dividends
    
    $
    55,306
    
    
    $
    64,603
    
    
    $
    68,102
    
    
    $
    49,609
    
    
    $
    44,862Ratio of earnings to combined fixed
charges and preferred stock dividends
    
    
    
    
    
    
    
    
    
    
    1.25
    
    
    
    1.40
    
    
    
    1.71