Freeport McMoran Inc – ‘10-K’ for 12/31/93 – EX-12.1

As of:  Thursday, 3/31/94   ·   For:  12/31/93   ·   Accession #:  950103-94-1946   ·   File #:  1-08124

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         48±   197K 
 2: EX-11.1     Statement re: Computation of Earnings Per Share        1      8K 
 3: EX-12.1     Statement re: Computation of Ratios                    1      8K 
 4: EX-13.1     Annual or Quarterly Report to Security Holders        34±   158K 
 5: EX-18.1     Letter re: Change in Accounting Principles             2±    11K 
 6: EX-21.1     Subsidiaries of the Registrant                         1      5K 
 7: EX-23.1     Consent of Experts or Counsel                          1      6K 
 8: EX-24.1     Power of Attorney                                      1      6K 
 9: EX-24.2     Power of Attorney                                     10±    49K 
10: EX-99.1     Miscellaneous Exhibit                                 42±   173K 
11: EX-99.2     Miscellaneous Exhibit                                 39±   157K 

EX-12.1   —   Statement re: Computation of Ratios

                                Exhibit 12.1

FREEPORT-McMoRan INC.     
Computation of Ratio of Earnings to Fixed Charges     

                                                        [Enlarge/Download Table]

                                                 Years Ended December 31,              
                                    -------------------------------------------------  
                                      1989      1990       1991       1992     1993    
                                    --------  --------   --------   -------- --------  
                                                     (In Thousands)                    
                                                                                       
Income (loss) from continuing       $118,324  $283,523   $ 96,703   $187,811  $(83,118)
operations                                                                             
Add:                                                                                   
  Provision for income taxes          61,197   258,796      2,970     75,597    17,854 
  Minority interest income           100,601   126,415     67,953     72,987   (61,689)
  Interest expense                   136,795   100,350     98,102     51,788    79,882 
  Rental expense factor(b)             7,201     5,674      5,873     10,352    14,348 
                                    --------  --------   --------   --------  -------- 
Earnings available for fixed                                                           
charges                             $424,118  $774,758   $271,601   $398,535  $(32,723)
                                    ========  ========   ========   ========  ======== 

Interest expense                    $136,795  $100,350   $ 98,102   $ 51,788  $ 79,882 
Capitalized interest                  25,722    32,726     67,321     84,683    62,240 
Preferred stock of majority-owned                                                      
  subsidiaries (a)                      -         -          -        12,112    49,921 
Rental expense factor(b)               7,201     5,674      5,873     10,352    14,348 
                                    --------  --------   --------   --------  -------- 
Fixed charges                       $169,718  $138,750   $171,296   $158,935  $206,391 
                                    ========  ========   ========   ========  ======== 

Ratio of earnings to fixed              2.5x      5.6x       1.6x       2.5x        (d)
  charges(c)                            ====      ====       ====       ====           

<FN>                                                                                   
a. Includes tax "gross-up" for the preferred stock dividend requirements               
   of majority-owned subsidiaries included in minority interest income.                
b. Portion of rent deemed representative of an interest factor.                        
c. For purposes of this calculation, earnings are income from continuing               
   operations before income taxes, minority interests and fixed charges.               
   Fixed charges consist of interest, that portion of rent deemed                      
   representative of interest, and the preferred stock dividend                        
   requirements of majority-owned subsidiaries.                                        
d. Earnings were inadequate to cover fixed charges by $239.1 million.