EX-12 3 q3ex12.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)

 

Nine

Three

Months

Months

Ended

Ended

(In millions, except ratios)

3/31/05

3/31/05



Earnings from continuing operations

before income taxes

$498

        $137

Additions:

   Amortization of capitalized interest

1

-

   Dividends from investees

10

5

Deductions:

   Undistributed income of equity investees

         (8

)

(1

)



Subtotal

501

141



Interest expense

52

27

Portion of rental expense attributable to interest

4

2



Total fixed charges

56

29

Total earnings

$557

$170



Ratio of earnings to fixed charges

10

6