EX-12 6 cmw550b.htm COMPUTATION OF RATIOS

Exhibit (12)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

2003
2002
2001
Net earnings     $ 78.7   $ 106.0   $ 19.0  
Add (deduct):  
      Income taxes    38.0    58.0    26.1  
      Minority interest in earnings  
        of consolidated subsidiaries    3.1    3.4    2.7  
      Cumulative effect of a change in  
        accounting princple, net of tax    -    (2.8 )  2.5  



Net earnings as defined    119.8    164.6    50.3  

Fixed charges:
  
      Interest on debt    24.4    28.7    35.5  
      Interest element of rentals    6.9    5.2    5.4  



Total fixed charges    31.3    33.9    40.9  



Total adjusted earnings available  
  for payment of fixed charges   $ 151.1   $ 198.5   $ 91.2  



Ratio of earnings to fixed charges    4.8    5.9    2.2  





  For purpose of computing this ratio, “Net earnings” consist of (a) income from continuing operations before income taxes and adjusted for minority interest, and (b) “Fixed Charges,” consists of interest on debt and the estimated interest portion of rents.