EX-12 7 l35613aexv12.htm EX-12 EX-12
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
                                 
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2008     2007     2008     2007  
Income from continuing operations before tax
   $ (42,533 )   $ 68,245     $ 425,596     $ 282,257  
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt
     194       213       (1,418 )     1,320  
Amortization of capitalized interest
     476       419       1,839       1,406  
Interest expense
     11,169       12,262       44,934       42,684  
Interest portion of rental expense
     3,499       3,211       9,006       7,854  
 
                        
 
                                
Earnings
   $ (27,195 )   $ 84,350     $ 479,957     $ 335,521  
 
                        
 
                                
Interest
   $ 11,767     $ 13,157     $ 47,888     $ 48,384  
Interest portion of rental expense
     3,499       3,211       9,006       7,854  
Interest expense relating to guaranteed debt of 50%-or-less-owned affiliates
     —       —       —       —  
 
                        
 
                                
Fixed Charges
   $ 15,266     $ 16,368     $ 56,894     $ 56,238  
 
                        
 
                                
Ratio of Earnings to Fixed Charges
     (1.78 )     5.15       8.44       5.97