EX-12.2 7 dex122.htm RATIO OF EARNINGS TO FIXED CHARGES/STOCK DIVIDENDS Ratio of Earnings to Fixed Charges/Stock Dividends

 

EXHIBIT 12.2

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

    

Three Months Ended

March 31

     

Year Ended December 31

    

2003

     

2002

   

2001

   

2000

   

1999

     

1998

    

(in millions, except ratios)

Earnings

                                              

Income (Loss) Before Income Tax and Cumulative Effect of Accounting Principle Change

   

$

(385.5

)

   

$

610.9

   

$

762.1

   

$

826.7

   

$

(165.5

)

   

$

920.2

Fixed Charges

   

 

45.5

 

   

 

180.3

   

 

189.0

   

 

197.1

   

 

155.2

 

   

 

138.3

    
  
  
  
  
  

Adjusted Earnings

   

$

(340.0

)

   

$

791.2

   

$

951.1

   

$

1,023.8

   

$

(10.3

)

   

$

1,058.5

    
  
  
  
  
  

Combined Fixed Charges and Preferred Stock Dividends

                                              

Interest and Debt Expense

   

$

41.5

 

   

$

162.4

   

$

169.6

   

$

181.8

   

$

137.8

 

   

$

119.9

Amortization of Deferred Debt Costs

   

 

0.7

 

   

 

3.3

   

 

7.1

   

 

2.4

   

 

2.4

 

   

 

3.3

Portion of Rents Deemed Representative of Interest

   

 

3.3

 

   

 

14.6

   

 

12.3

   

 

12.9

   

 

15.0

 

   

 

15.1

Preferred Stock Dividends

   

 

—  

 

   

 

—  

   

 

—  

   

 

—  

   

 

—  

 

   

 

2.9

    
  
  
  
  
  

Total Combined Fixed Charges and Preferred Stock Dividends

   

$

45.5

 

   

$

180.3

   

$

189.0

   

$

197.1

   

$

155.2

 

   

$

141.2

    
  
  
  
  
  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

   

 

(7.5

)

   

 

4.4

   

 

5.0

   

 

5.2

   

 

(0.1

)

   

 

7.5