EX-12 12 dex12.htm COMPUTUATION OF RATIO OF EARNINGS TO FIXED CHARGES Computuation of Ratio of Earnings to Fixed Charges

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

 

     Years Ended December 31,
     2008     2007     2006     2005     2004

Earnings:

          

Income from continuing operations before income taxes

   $ 725,595     $ 428,957     $ 550,920     $ 654,684     $ 82,563

Fixed charges, as shown below

     69,402       61,336       50,227       42,979       49,349

Equity in income of investees

     (11,140 )     (6,551 )     (1,201 )     (2,850 )     4,317

Minority Interest – Gas

     (43,191 )     (25,038 )     (29,608 )     (9,484 )     —  
                                      

Adjusted Earnings

   $ 740,666     $ 458,704     $ 570,338     $ 685,329     $ 136,229
                                      

Fixed charges:

          

Interest on indebtedness, expensed or capitalized

   $ 48,345     $ 45,414     $ 35,818     $ 31,903     $ 40,180

Interest within rent expense

     21,057       15,922       14,409       11,076       9,169
                                      

Total Fixed Charges

   $ 69,402     $ 61,336     $ 50,227     $ 42,979     $ 49,349
                                      

Ratio of Earnings to Fixed Charges

     10.67       7.48       11.36       15.95       2.76