EX-12 5 q2ex12.htm EXH. 12: COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12

Exhibit 12

 

 

Computation of the Ratio of Earnings to Fixed Charges (Unaudited)

 

Six

Three

Months

Months

Ended

Ended

(In millions, except ratios)

12/31/04

12/31/04

Earnings from continuing operations

before income taxes

$361

        $194

Additions:

   Amortization of capitalized interest

           1

1

   Dividends from investees

           4

1

Deductions:

   Undistributed income of equity investees

         (7

)

(4

)

Subtotal

359

        192

Interest expense

25

17

Portion of rental expense attributable to interest

           2

1

Total fixed charges

27

18

Total earnings

      $386

$210

Ratio of earnings to fixed charges

        14

12