EXHIBIT 12.1 BRUNSWICK CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS)
SEPTEMBER YTD 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 (a) 156.7 111.2 133.6 127.1 53.8 40.2 (31.9) Income tax provision 90.1 62.5 73.2 68.2 31.6 22.4 (3.6) Interest expense 24.3 23.9 32.5 28.5 27.2 29.9 32.0 Interest portion of rent expense 5.4 5.4 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 ----- ----- ----- ----- ----- ---- ----- 276.5 203.0 246.6 230.9 120.3 100.2 4.6 ===== ===== ===== ===== ===== ===== ===== FIXED CHARGES Interest expense 24.3 23.9 32.5 28.5 27.2 29.9 32.0 Interest portion of rent expense 5.4 5.4 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 ---- ---- ---- ---- ---- ---- ---- 29.7 29.3 39.7 35.8 35.1 38.2 40.0 ==== ==== ==== ==== ==== ==== ==== RATIO OF EARNINGS TO FIXED CHARGES 9.3 6.9 6.2 6.5 3.4 2.6 0.0 === === === === === === === INADEQUACY OF COVERAGE (b) 0.0 0.0 0.0 0.0 0.0 0.0 35.4 === === === === === === ====
(a) Previously reported amounts have been restated to reflect the results of operations of the recently divested freshwater fishing boat unit as discontinued operations. (b) The Company's 1991 loss from continuing operations includes litigation charges of $38.0 million ($23.6 million after-tax.)