EX-12 2 exhibit12earningstofixedch.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Earnings to Fixed Charges


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
(In Thousands)

 
 
Twelve Months Ended December 31,
 
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
     Income from continuing operations before income taxes
 
$
787,953

 
$
467,913

 
$
788,345

 
$
725,595

 
$
428,957

     Fixed charges, as shown below
 
301,178

 
249,804

 
69,277

 
69,402

 
61,336

     Equity in income of investees
 
(24,663
)
 
(21,428
)
 
(15,707
)
 
(11,140
)
 
(6,551
)
     Noncontrolling Interest–Gas
 
—

 
(11,845
)
 
(27,425
)
 
(43,191
)
 
(25,038
)
Adjusted Earnings (Loss)
 
$
1,064,468

 
$
684,444

 
$
814,490

 
$
740,666

 
$
458,704

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
     Interest on indebtedness, expensed or capitalized
 
$
263,891

 
$
218,425

 
$
43,290

 
$
48,345

 
$
45,414

     Interest within rent expense
 
37,287

 
31,379

 
25,987

 
21,057

 
15,922

Total Fixed Charges
 
$
301,178

 
$
249,804

 
$
69,277

 
$
69,402

 
$
61,336

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.53

 
2.74

 
11.76

 
10.67

 
7.48