EX-12 5 ratioearnings.htm RATIO OF EARNINGS TABLE
Exhibit 12
Corning Incorporated and Subsidiary Companies
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except ratios)

| Fiscal years ended December 31,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Income from continuing operations before taxes on income | $ | 1,486 |  | $ | 3,568 |  | $ | 2,473 |  | $ | 1,975 |  | $ | 3,231
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of equity affiliates |  | (299) |  |  | (266) |  |  | (547) |  |  | (810) |  |  | (1,471)
Distributed income of equity affiliates (1) |  | 143 |  |  | 1,704 |  |  | 629 |  |  | 1,089 |  |  | 820
Net income attributable to noncontrolling interests |  | 10 |  |  | 3 |  |  |  |  |  | (5) |  |  | (3)
Fixed charges net of capitalized interest |  | 171 |  |  | 159 |  |  | 148 |  |  | 138 |  |  | 119
Earnings before taxes and fixed charges as adjusted | $ | 1,511 |  | $ | 5,168 |  | $ | 2,703 |  | $ | 2,387 |  | $ | 2,696
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest incurred | $ | 172 |  | $ | 160 |  | $ | 153 |  | $ | 181 |  | $ | 132
Portion of rent expense which represents an appropriate interest factor (2) |  | 31 |  |  | 36 |  |  | 28 |  |  | 27 |  |  | 30
Amortization of debt costs |  | 3 |  |  | 3 |  |  | 2 |  |  | 4 |  |  | 3
Total fixed charges | $ | 206 |  | $ | 199 |  | $ | 183 |  | $ | 212 |  | $ | 165
Preferred stock grossed up to a pre-tax basis |  | 109 |  |  | 136 |  |  |  |  |  |  |  |  |
Combined fixed charges and preferred stock dividends | $ | 315 |  | $ | 335 |  | $ | 183 |  | $ | 212 |  | $ | 165
Ratio of earnings to fixed charges |  | 7.3x |  |  | 26.0x |  |  | 14.8x |  |  | 11.3x |  |  | 16.3x
Ratio of earnings to combined fixed charges and preferred stock dividends |  | 4.8x |  |  | 15.4x |  |  | 14.8x |  |  | 11.3x |  |  | 16.3x

(1) | In 2014, includes a $1.6 billion dividend received from Samsung Corning Precision Materials related to the acquisition of Samsung Corning Precision Materials. See Note 8 (Acquisitions) for more details.

(2) | One-third of net rent expense is the portion deemed representative of the interest factor.

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