Brunswick Corporation Exhibit 12 Computation of Ratio of Earnings to Fixed Charges (dollars in millions) Year Ended December 31, -------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Earnings as Adjusted Earnings from continuing operations 37.9 178.6 151.2 185.8 133.6 Income tax provision 17.1 105.2 85.0 104.5 73.2 Interest expense 61.0 62.7 51.3 33.4 32.5 Interest portion of rent expense 15.3 14.3 10.7 9.8 7.2 Equity in earnings of less-than 50% owned affiliates 0.2 0.2 0.2 - 0.1 Dividends received from less-than 50% owned affiliates 0.1 0.1 - - - ------ ------ ------ ------ ------ 131.6 361.1 298.4 333.5 246.6 ====== ====== ====== ====== ====== Fixed Charges Interest expense 61.0 62.7 51.3 33.4 32.5 Interest portion of rent expense 15.3 14.3 10.7 9.8 7.2 Capitalized interest 0.6 2.2 - - - ------ ------ ------ ------ ------ 76.9 79.2 62.0 43.2 39.7 ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 1.7x 4.6x 4.8x 7.7x 6.2x ------ ------ ------ ------ ------
(a) For computation of the ratio of earnings to fixed charges, "earnings" have been calculated by adding fixed charges (excluding capitalized interest) to earnings from continuing operations before income taxes and then deducting the undistributed earnings of affiliates. Fixed charges consist of interest expense, estimated interest portion of rental expense and capitalized interest.