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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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)