EX-12 5 dex12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES (In thousands except ratios)
Three Months Ending 31-March-02 ------------------- Earnings available for fixed charges: Earnings (loss) before income taxes (1) $(11,653) Less: Equity earnings of minority-owned companies (873) Add: Dividends received from investees under the equity method 84 Add: Minority interest expense in majority-owned subsidiaries 179 Add: Fixed charges before capitalized interest 20,256 Add: Amortization of capitalized interest 1,880 -------- Total earnings available for fixed charges $ 9,873 ======== Fixed charges: Interest expense $ 15,453 Interest portion of rental expense 4,638 Amortization of discount related to indebtedness 165 -------- Total fixed charges before capitalized interest 20,256 Capitalized interest 1,500 -------- Total fixed charges 21,756 ======== Ratio of earnings to fixed charges (2) 0.45 ========
-------- (1) Includes restructuring and impairment charges of $27 million ($17 million after-tax, or $0.14 per diluted share). (2) The ratio of earnings to fixed charges is deficient by $11,883 as a result of the restructuring and impairment charges disclosed above.