EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES

	Three months ended June 30,					Six months ended June 30,
( in thousands )	2008			2007		2008			2007
EARNINGS (LOSSES) AS DEFINED:
Earnings (losses) from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates	$	(725,797	)	$	169,915	$	(568,755	)	$	289,829
Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies		7,811			13,790		16,557			26,391
Earnings (losses) as defined	$	(717,986	)	$	183,705	$	(552,198	)	$	316,220
FIXED CHARGES AS DEFINED:
Interest expense, including amortization of debt issue costs	$	4,874		$	10,729	$	10,706		$	20,930
Interest capitalized		985			33		1,254			122
Portion of rental expense representative of the interest factor		2,937			3,061		5,851			5,461
Preferred stock dividends of majority-owned subsidiary companies		20			20		40			40
Fixed charges as defined	$	8,816		$	13,843	$	17,851		$	26,553
RATIO OF EARNINGS TO FIXED CHARGES		—			13.27		—			11.91