EX-12 5 d13125exv12.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS exv12
 

Exhibit 12

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
December 31, 2003

                                         
    For the Year Ended December 31,
    2003
   2002
   2001
   2000
   1999
EARNINGS:
                                        
Adjusted earnings (loss) from continuing operations before income taxes
   $ 2,203       (135 )     27       1,036       (264 )
Add fixed charges (see below)
     569       549       229       164       126  
 
    
 		      
 		      
 		      
 		      
 		  
Adjusted earnings (loss)
     2,772       414       256       1,200       (138 )
 
    
 		      
 		      
 		      
 		      
 		  
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
                                        
Gross interest expense
     552       537       223       158       111  
Dividends on preferred stock of a subsidiary
     3       —       —       —       —  
Distributions on preferred securities of subsidiary trust
     —       —       —       —       7  
Estimated interest component of operating lease payments
     14       12       6       6       8  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed charges
     569       549       229       164       126  
Preferred stock requirements, pre-tax
     16       16       16       16       6  
 
    
 		      
 		      
 		      
 		      
 		  
Combined fixed charges and preferred stock dividends
     585       565       245       180       132  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     4.87       N/A       1.12       7.34       N/A  
 
    
 		              
 		      
 		          
Ratio of earnings to combined fixed charges and preferred stock dividends
     4.74       N/A       1.05       6.70       N/A  
 
    
 		              
 		      
 		          
Insufficiency of earnings to cover fixed charges and combined fixed charges
     N/A       135       N/A       N/A       264  
 
            
 		                      
 		  
Insufficiency of earnings to cover fixed charges and combined fixed charges and preferred stock dividends
     N/A       151       N/A       N/A       270