EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES        
EXHIBIT 12
 
 
( in thousands )                  
   
Years ended December 31,
 
    2001     2000     1999  
 
EARNINGS AS DEFINED:                  
Earnings from operations before income taxes after eliminating                  
   undistributed earnings of 20%- to 50%-owned affiliates
$
266,040  
$
279,478  
$
255,247  
Fixed charges excluding capitalized interest and preferred stock
   
   
   
   dividends of majority-owned subsidiary companies
44,791  
58,361  
50,668  
 
Earnings as defined
$
310,831  
$
337,839  
$
305,915  
 
             
   
FIXED CHARGES AS DEFINED:            
   
Interest expense, including amortization of debt issue costs
$
39,197  
$
51,934  
$
45,219  
Interest capitalized   730  
206  
356  
Portion of rental expense representative of the interest factor   5,594  
6,427  
5,449  
Preferred stock dividends of majority-owned subsidiary companies   80  
80  
80  
 
Fixed charges as defined
$
45,601  
$
58,647  
$
51,104  
 
             
   
RATIO OF EARNINGS TO FIXED CHARGES   6.82     5.76     5.99  
 

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