EX-12 4 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

 

     Twelve Months Ended December 31,  
     2006     2005     2004    2003     2002  

Earnings:

           

Income from continuing operations before income taxes

   $ 555,920     $ 654,684     $ 82,563    $ (33,507 )   $ (40,423 )

Fixed charges, as shown below

     50,227       42,979       49,349      47,845       55,640  

Equity in income of investees

     (1,201 )     (2,850 )     4,317      8,851       9,818  

Minority Interest – Gas

     (29,608 )     (9,484 )     —        —         —    
                                       

Adjusted Earnings (Loss)

   $ 575,338     $ 685,329     $ 136,229    $ 23,189     $ 25,035  
                                       

Fixed charges:

           

Interest on indebtedness, expensed or capitalized

   $ 35,818     $ 31,903     $ 40,180    $ 41,212     $ 51,495  

Interest within rent expense

     14,409       11,076       9,169      6,633       4,145  
                                       

Total Fixed Charges

   $ 50,227     $ 42,979     $ 49,349    $ 47,845     $ 55,640  
                                       

Ratio of Earnings to Fixed Charges

     11.45       15.95       2.76      —         —    
                                       

(1) The deficiency of earnings to cover fixed charges was $24,656 for the year period ended December 31, 2003.
(2) The deficiency of earnings to cover fixed charges was $30,605 for the year period ended December 31, 2002.