EX-12 2 rpm-ex12_10.htm EX-12

Exhibit No. 12

RPM

RATIO OF EARNINGS TO FIXED CHARGES

Periods Ended May 31, 2014 through May 31, 2018 and November 30, 2018

|  |  |  |  | Six Months Ended |  |  | Year Ended May 31, |
|  |  |  |  | November 30, 2018 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Ratio of Earnings to Fixed Charges 1 |  |  | 3.68 |  |  |  | 4.31 |  |  |  | 3.08 |  |  |  | 5.36 |  |  |  | 5.29 |  |  |  | 5.34 |

1 Calculated as follows: |  | (income before income taxes) + (fixed charges)
| (fixed charges)

Fixed charges consist of interest expense, amortized expenses related to debt and an estimate of the interest portion of rental expense.

|  |  |  |  | Six Months Ended |  |  | Year Ended May 31, |
(All numbers in thousands) |  | November 30, 2018 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Income before income tax |  |  | 158,531 |  |  |  | 417,048 |  |  |  | 244,333 |  |  |  | 483,466 |  |  |  | 453,253 |  |  |  | 424,487 |
Fixed charges |  |  | 59,217 |  |  |  | 125,979 |  |  |  | 117,387 |  |  |  | 110,851 |  |  |  | 105,549 |  |  |  | 97,918 |
Total |  |  | 217,748 |  |  |  | 543,027 |  |  |  | 361,720 |  |  |  | 594,317 |  |  |  | 558,802 |  |  |  | 522,405 |