EXHIBIT 12 Brunswick Corporation Computation of Ratio of Earnings to Fixed Charges (dollars in millions)
Year Ended December 31, ----------------------------------------- 1998 1997 1996 1995 1994 ----- ----- ----- ----- ----- Earnings as Adjusted Earnings from continuing operations 178.6 151.2 185.8 133.6 127.1 Income tax provision 105.2 85.0 104.5 73.2 68.2 Interest expense 62.7 51.3 33.4 32.5 28.5 Interest portion of rent expense 14.3 10.7 9.8 7.2 7.1 Equity in earnings of less-than 50% owned affiliates 0.2 0.2 -- 0.1 -- Dividends received from less-than 50% owned affiliates 0.1 -- -- -- -- ----- ----- ----- ----- ----- 361.1 298.4 333.5 246.6 230.9 ===== ===== ===== ===== ===== Fixed Charges Interest expense 62.7 51.3 33.4 32.5 28.5 Interest portion of rent expense 14.3 10.7 9.8 7.2 7.1 Capitalized interest 2.2 -- -- -- -- ----- ----- ----- ----- ----- 79.2 62.0 43.2 39.7 35.6 ===== ===== ===== ===== ===== Ratio of earnings to fixed charges 4.6x 4.8x 7.7x 6.2x 6.5x ----- ----- ----- ----- -----
(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.