EX-12 2 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,  
     2009     2008     2007     2006     2005  

Earnings:

          

Income from continuing operations before income taxes

   $ 788,345      $ 725,595      $ 428,957      $ 550,920      $ 654,684   

Fixed charges, as shown below

     69,277        69,402        61,336        50,227        42,979   

Equity in income of investees

     (15,707     (11,140     (6,551     (1,201     (2,850

Noncontrolling Interest – Gas

     (27,425     (43,191     (25,038     (29,608     (9,484
                                        

Adjusted Earnings (Loss)

   $ 814,490      $ 740,666      $ 458,704      $ 570,338      $ 685,329   
                                        

Fixed charges:

          

Interest on indebtedness, expensed or capitalized

     43,290        48,345        45,414        35,818        31,903   

Interest within rent expense

     25,987        21,057        15,922        14,409        11,076   
                                        

Total Fixed Charges

   $ 69,277      $ 69,402      $ 61,336      $ 50,227      $ 42,979   
                                        

Ratio of Earnings to Fixed Charges

     11.76        10.67        7.48        11.36        15.95