EX-12 5 a2207097zex-12.htm EX-12
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EXHIBIT 12

OWENS-ILLINOIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Millions of dollars, except ratios)

|  | Years ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |  | 2008 |  | 2007 |
Earnings from continuing operations before income taxes |  | $ | (406 | ) | $ | 424 |  | $ | 215 |  | $ | 435 |  | $ | 422 |
Less: Equity earnings |  |  | (66 | ) |  | (59 | ) |  | (53 | ) |  | (51 | ) |  | (34 | )
Add: Total fixed charges deducted from earnings |  |  | 320 |  |  | 260 |  |  | 228 |  |  | 261 |  |  | 363 |
Dividends received from equity investees |  |  | 50 |  |  | 62 |  |  | 34 |  |  | 25 |  |  | 22 |
Earnings available for payment of fixed charges |  | $ | (102 | ) | $ | 687 |  | $ | 424 |  | $ | 670 |  | $ | 773 |
Fixed charges (including the Company's proportional share of 50% owned associates): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 314 |  | $ | 249 |  | $ | 222 |  | $ | 253 |  | $ | 349 |
Portion of operating lease rental deemed to be interest |  |  | 6 |  |  | 11 |  |  | 6 |  |  | 8 |  |  | 14 |
Total fixed charges deducted from earnings and total fixed charges |  |  | 320 |  |  | 260 |  |  | 228 |  |  | 261 |  |  | 363 |
Preferred stock dividends (increased to assumed pre-tax amount) |  |  |  |  |  |  |  |  |  |  |  | 7 |  |  | 28 |
Combined fixed charges and preferred stock dividends |  | $ | 320 |  | $ | 260 |  | $ | 228 |  | $ | 268 |  | $ | 391 |
Ratio of earnings to fixed charges |  |  |  |  |  | 2.6 |  |  | 1.9 |  |  | 2.6 |  |  | 2.1 |
Deficiency of earnings available to cover fixed charges |  | $ | 422 |  |  |  |  |  |  |  |  |  |  |  |  |
Ratio of earnings to combined fixed charges and preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | 2.5 |  |  | 2.0 |

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EXHIBIT 12

OWENS-ILLINOIS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of dollars, except ratios)