EX-12 8 0008.txt EXHIBIT 12 (Exhibit 12) INTERNATIONAL PAPER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in millions) (Unaudited)
For the Years Ended December 31 ------------------------------- TITLE 1995 1996 1997 1998 1999 2000 ---- ---- ---- ---- ---- ---- A) Earnings before income taxes, minority interest and extraordinary items $2,742.0 $ 939.0 $ 143.0 $ 429.0 $ 448.0 $ 723.0 B) Minority interest expense, net of taxes (166.0) (180.0) (140.0) (87.0) (163.0) (238.0) C) Fixed charges excluding capitalized interest 740.3 802.1 826.6 866.7 820.9 1,151.5 D) Amortization of previously capitalized interest 29.6 34.2 37.0 38.8 17.0 23.5 E) Equity in undistributed earnings of affiliates (94.5) 6.2 (40.4) 23.7 (41.6) 5.6 --------- --------- ------- --------- --------- -------- F) Earnings before income taxes, extraordinary items and fixed charges $3,251.4 $1,601.5 $ 826.2 $1,271.2 $1,081.3 $1,665.6 --------- --------- ------- --------- --------- -------- FIXED CHARGES G) Interest and amortization of debt expense $ 664.9 $ 699.5 $ 720.0 $ 716.9 $ 611.5 $ 938.1 H) Interest factor attributable to rentals 64.8 79.0 83.0 80.7 76.3 72.8 I) Preferred dividends of subsidiary 10.6 23.6 23.6 69.1 133.1 140.6 J) Capitalized interest 66.9 71.2 71.6 53.4 29.3 25.2 --------- --------- ------- --------- --------- -------- K) Total fixed charges $ 807.2 $ 873.3 $ 898.2 $ 920.1 $ 850.2 $1,176.7 --------- --------- ------- --------- --------- -------- L) Ratio of earnings to fixed charges 4.03 1.83 1.38 1.27 1.42 M) Deficiency in earnings necessary to cover fixed charges $(72.0) -------