EX-12 6 cmw2048a.htm COMPUTATION OF RATIO

Exhibit (12)

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

2005
2004
2003
Net earnings     $ 92.9   $ 81.7   $ 78.7  

Add:
  
  Income taxes    55.1    38.7    38.0  
  Minority interest in earnings of consolidated subsidiaries    3.6    2.0    3.1  



Net earnings as defined    151.6    122.4    119.8  

Fixed charges:
  
  Interest on debt    21.1    23.0    24.4  
  Interest element of rentals    2.4    1.8    6.9  



Total fixed charges    23.5    24.8    31.3  

Total adjusted earnings available for payment of fixed charges
   $ 175.1   $ 147.2   $ 151.1  




Ratio of earnings to fixed charges
    7.5    5.9    4.8  

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