EXHIBIT 12.1 BRUNSWICK CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS)
SIX MONTHS ENDED JUNE 30, YEAR ENDED DECEMBER 31, -------- -------------------------------------------------------- 1996 1995 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- ---- ---- EARNINGS AS ADJUSTED Earnings from continuing operations before extraordinary item and cumulative effect of accounting changes . . . . . . . . . . . . . 116.2 77.3 134.2 129.0 54.5 39.7 (35.0) Income tax provision . . . . . . . . 69.7 44.4 73.9 69.4 32.0 22.3 (5.5) Interest expense . . . . . . . . . . 16.0 15.9 32.5 28.5 27.2 29.9 32.0 Interest portion of rent expense . . 3.6 3.6 7.2 7.1 7.5 7.5 8.0 Equity in earnings of less-than 50% owned affiliates . . . . . . . . . 0.0 0.0 0.1 0.0 0.2 0.2 0.1 Dividends received from less-than 50% owned affiliates . . . . . . . 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ----- ----- ----- ----- ----- ---- ----- 205.5 141.2 247.9 234.0 121.4 99.6 (0.4) ===== ===== ===== ===== ===== ==== ===== FIXED CHARGES Interest expense . . . . . . . . . . 16.0 15.9 32.5 28.5 27.2 29.9 32.0 Interest portion of rent expense . . 3.6 3.6 7.2 7.1 7.5 7.5 8.0 Capitalized interest . . . . . . . . 0.0 0.0 0.0 0.0 0.4 0.8 0.0 ---- ---- ---- ---- ---- ---- ---- 19.6 19.5 39.7 35.6 35.1 38.2 40.0 ==== ==== ==== ==== ==== ==== ==== RATIO OF EARNINGS TO FIXED CHARGES 10.5 7.2 6.2 6.6 3.5 2.6 0.0 ==== === === === === === === INADEQUACY OF COVERAGE(a) 0.0 0.0 0.0 0.0 0.0 0.0 40.4 === === === === === === ====
___________________________________ (a) The Company's 1991 loss from continuing operations includes litigation charges of $38.0 million ($23.6 million after-tax).