EX-12 6 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Computation of Ratio of Earnings to Fixed Charges
 
EXHIBIT 12
 
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands except ratios)
 
      
Twelve Months Ending 31-December-01

Earnings available for fixed charges:
        
Earnings before income taxes (1)
    
$
74,894
Add: Equity loss of minority-owned companies
    
 
971
Add: Dividends received from investees under the equity method
    
 
831
Add: Minority interest expense in majority-owned subsidiaries
    
 
59
Add: Fixed charges before capitalized interest
    
 
90,340
Add: Amortization of capitalized interest
    
 
7,509
      

Total earnings available for fixed charges
    
$
174,604
      

Fixed charges:
        
Interest expense
    
$
71,183
Interest portion of rental expense
    
 
18,907
Amortization of discount related to indebtedness
    
 
250
      

Total fixed charges before capitalized interest
    
 
90,340
Capitalized interest
    
 
3,070
      

Total fixed charges
    
 
93,410
      

Ratio of earnings to fixed charges
    
 
1.87
      


(1)
 
Includes the following one-time items: restructuring and impairment charges of $196 million ($137 million after-tax, or $1.15 per diluted share), gain on the sale of investments of $7 million ($7 million after-tax, or $0.05 per diluted share), and a loss on the write-down of various investments of $19 million ($19 million after-tax, or $0.16 per diluted share).