EX-12.1 13 dex121.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12-1 RATIO OF EARNINGS TO FIXED CHARGES
Actual ---------------------------------------------------------------------------------- Six months ended June 30, Year ended December 31, ------------------------ ------------------------------------------------------ 2001 2000 2000 1999 1998 1997 1996 --------- ---------- ---------- --------- -------- -------- -------- Income from continuing operations before income taxes and accounting change: $ 352 $ 516 $ 975 $ 747 $ 309 $ 512 $ 478 --------- ---------- ---------- --------- -------- -------- -------- Plus Fixed Charges: Interest on all Indebtedness. 161 92 175 224 232 257 270 Amortization of debt expense: 16 6 13 13 14 15 24 Portion of rental expenses on operating leases deemed to be representative of the interest factor: 26 21 41 32 32 33 25 Preferred stock dividend requirements of consolidated subsidiaries:* 10 - - - - - - --------- ---------- ---------- --------- -------- -------- -------- Total Fixed Charges: 213 119 229 269 278 305 319 --------- ---------- ---------- --------- -------- -------- -------- Less Preferred stock dividend: (10) - - - - - - Earnings: $ 555 $ 635 $ 1,204 $ 1,016 $ 587 $ 817 $ 797 --------- ---------- ---------- --------- -------- -------- -------- Fixed Charges Ratio: 2.61 5.34 5.26 3.78 2.11 2.68 2.50 --------- ---------- ---------- --------- -------- -------- --------
__________________________ * Required preferred stock dividend divided by 1 minus the effective income tax rate applicable to continuing operations of 38%. See instructions to Item 503(d) of Regulation S-K. The ratios of earnings to fixed charges should be read in conjunction with the financial statements and other financial data included or incorporated by reference in this registration statement.