|   |   |   |   |   |   |   |   |   |   |   |   | **Exhibit 12
 

 

 

 

 

 

 

 

 

 

 

 

 

**INGERSOLL-RAND COMPANY LIMITED**

**COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES **

**(Dollar Amounts in Millions)**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
   
 

**Years Ended December 31,**
            
 

 
   
 

**2003**

 

**2002**

 

**2001**

 

**2000**

 

**1999**

**Fixed charges:**
   
 

 

 

 

 

 

 

 

 

 

 

Interest expense
   
 

$176.5 

 

$230.3 

 

$249.7 

 

$251.7 

 

$182.5 

 

Amortization of debt discount and expense
   
 

2.9 

 

7.3 

 

7.4 

 

6.1 

 

6.7 

 

Rentals (one-third of rentals)
   
 

26.0 

 

27.3 

 

33.6 

 

25.6 

 

22.8 

 

Capitalized interest
   
 

3.1 

 

2.8 

 

3.2 

 

3.6 

 

3.0 

 

Equity-linked security charges
   
 

0.0 

 

0.0 

 

8.3 

 

25.6 

 

25.6 
                     
**Total fixed charges**
   
 

**$208.5 **

 

**$267.7 **

 

**$302.2 **

 

**$312.6 **

 

**$240.6 **
   
 
 
 
 
 
 
 
 
 
                                     
**Earnings from continuing operations before cumulative **
   
 

 

 

 

 

 

 

 

 

 

**   effect of change in accounting principle**
   
 

**$593.5 **

 

**$365.6 **

 

**$180.0 **

 

**$433.7 **

 

**$456.6 **

**Add:**

Minority income of majority-
   
 

 

 

 

 

 

 

 

 

 

 

  owned subsidiaries
   
 

15.0 

 

14.5 

 

20.7 

 

39.8 

 

29.1 

 

Taxes on income from continuing operations
   
 

94.2 

 

17.5 

 

(50.0)

 

223.8 

 

236.5 

 

Fixed charges
   
 

208.5 

 

267.7 

 

302.2 

 

312.6 

 

240.6 

**Less:**

Capitalized interest
   
 

3.1 

 

2.8 

 

3.2 

 

3.6 

 

3.0 

 

Undistributed earnings (losses) from
   
 

 

 

 

 

 

 

 

 

 

 

  less than 50% owned affiliates
   
 

(2.1)

 

(0.1)

 

0.2 

 

0.1 

 

(0.5)
                     
**Earnings available for fixed charges**
   
 

**$910.2 **

 

**$662.6 **

 

**$449.5 **

 

**$1,006.2 **

 

**$960.3 **
                             
 

 
   
 

 

 

 

 

 

 

 

 

 

**Ratio of earnings to fixed charges**
   
 

**4.37 **

 

**2.48 **

 

**1.49 **

 

**3.22 **

 

**3.99 **

 

 
   
 

 

 

 

 

 

 

 

 

 

 

 
   
 

 

 

 

 

 

 

 

 

 

**Undistributed earnings (losses) from less**
   
 

 

 

 

 

 

 

 

 

 

**   than 50% owned affiliates:**
   
 

 

 

 

 

 

 

 

 

 

 

 Equity in earnings (losses)
   
 

($1.8)

 

$0.6 

 

$0.9 

 

$1.0 

 

$0.2 

Less:

 Amounts Distributed
   
 

0.3 

 

0.7 

 

0.7 

 

0.9 

 

0.7 
                        
 

 Undistributed earnings (losses) from
   
 

 

 

 

 

 

 

 

 

 

 

   less than 50% owned affiliates
   
 

**($2.1)**

 

**($0.1)**

 

**$0.2 **

 

**$0.1 **

 

**($0.5)**

 

 

 

 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All amounts have been restated to reflect a reclassification of discontinued operations

 

 

 

 

 

 

 

 

 

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