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

RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12

 

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

 

 

 

 

(in thousands)

 

2002

 

2001

 

2002

 

2001

 

 

 

 

 

 

EARNINGS AS DEFINED:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates

 

$

80,281

 

$

39,817

 

$

190,737

 

$

241,151

 

Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies

 

 

9,458

 

 

9,900

 

 

25,806

 

 

35,935

 

 

 

 

 

 

 

Earnings as defined

 

$

89,739

 

$

49,717

 

$

216,543

 

$

277,086

 

 

 

 

 

 

 

FIXED CHARGES AS DEFINED:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including amortization of debt issue costs

 

$

7,843

 

$

8,417

 

$

21,064

 

$

31,737

 

Interest capitalized

 

 

185

 

 

179

 

 

529

 

 

591

 

Portion of rental expense representative of the interest factor

 

 

1,615

 

 

1,483

 

 

4,742

 

 

4,198

 

Preferred stock dividends of majority-owned subsidiary companies

 

 

20

 

 

20

 

 

60

 

 

60

 

 

 

 

 

 

 

Fixed charges as defined

 

$

9,663

 

$

10,099

 

$

26,395

 

$

36,586

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

9.29

 

 

4.92

 

 

8.20

 

 

7.57

 

 

 

 

 

 

 

E-2