EX-12 3 d43782exv12.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
STATEMENT OF COMPUTATIONS OF
RATIOS OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
December 31, 2006
                                         
    Years Ended December 31,  
    2006     2005     2004     2003     2002  
EARNINGS:
                                        
Adjusted earnings (loss) from continuing operations before income taxes
   $ 3,960       4,457       3,222       2,247       (135 )
Add fixed charges (see below)
     519       616       565       569       549  
 
                              
Adjusted earnings
   $ 4,479       5,073       3,787       2,816       414  
 
                              
 
                                        
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
                                        
Gross interest expense
   $  500       604       545       552       537  
Dividends on preferred stock of a subsidiary
     —       —       —       3       —  
Estimated interest component of operating lease payments
     19       12       20       14       12  
 
                              
Fixed charges
     519       616       565       569       549  
Preferred stock requirements, pre-tax
     15       15       15       16       16  
 
                              
Combined fixed charges and preferred stock dividends
   $ 534       631       580       585       565  
 
                              
 
                                        
Ratio of earnings to fixed charges
     8.63       8.24       6.70       4.95       N/A  
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividends
     8.38       8.04       6.53       4.82       N/A  
 
                                        
Insufficiency of earnings to cover fixed charges
     N/A       N/A       N/A       N/A       135  
 
                                        
Insufficiency of earnings to cover combined fixed charges and preferred stock dividends
     N/A       N/A       N/A       N/A       151