EX-12 18 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,  
     2007     2006     2005     2004    2003  

Earnings:

            

Income from continuing operations before income taxes

    $ 428,957     $ 550,920     $ 654,684     $ 82,563    $ (33,507 )

Fixed charges, as shown below

      61,336       50,227       42,979       49,349      47,845  

Equity in income of investees

      (6,551 )     (1,201 )     (2,850 )     4,317      8,851  

Minority Interest – Gas

      (25,038 )     (29,608 )     (9,484 )     —        —    
                                       

Adjusted Earnings (Loss)

    $ 458,704     $ 570,338     $ 685,329     $ 136,229    $ 23,189 (1)
                                       

Fixed charges:

            

Interest on indebtedness, expensed or capitalized

    $ 45,414     $ 35,818     $ 31,903     $ 40,180    $ 41,212  

Interest within rent expense

      15,922       14,409       11,076       9,169      6,633  
                                       

Total Fixed Charges

    $ 61,336     $ 50,227     $ 42,979     $ 49,349    $ 47,845 (1)
                                       

Ratio of Earnings to Fixed Charges

      7.48       11.36       15.95       2.76      —    
                                       

 

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