EX-12 3 dex12.htm EXHIBIT 12 EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES        
EXHIBIT 12
 

( in thousands )   Three months ended     Nine months ended  
    September 30,     September 30,  
    2001     2000     2001     2000  

EARNINGS AS DEFINED:                        
Earnings from operations before income taxes after                        
      eliminating undistributed earnings of 20%- to                        
      50%-owned affiliates $ 39,817   $ 61,744   $ 241,151   $ 203,161  
Fixed charges excluding capitalized interest and                        
      preferred stock dividends of majority-owned                        
      subsidiary companies   9,900     14,935     35,935     44,438  
 
Earnings as defined $ 49,717   $ 76,679   $ 277,086   $ 247,599  
                         
FIXED CHARGES AS DEFINED:                        
Interest expense, including amortization of                        
      debt issue costs $ 8,417   $ 13,393   $ 31,737   $ 39,510  
Interest capitalized   179     17     591     47  
Portion of rental expense representative                        
      of the interest factor   1,483     1,542     4,198     4,928  
Preferred stock dividends of majority-owned                        
      subsidiary companies   20     20     60     60  
                         
Fixed charges as defined $ 10,099   $ 14,972   $ 36,586   $ 44,545  
                         
RATIO OF EARNINGS TO FIXED CHARGES   4.92     5.12     7.57     5.56  

E-2