EX-12 3 dex12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 Ratio of Earnings to Fixed Charges (In thousands except ratios)
Six Months Ending 30-June-02 ------------------- Earnings available for fixed charges: Earnings (loss) before income taxes (1) $ 27,046 Less: Equity earnings of minority-owned companies (1,093) Add: Dividends received from investees under the equity method 84 Add: Minority interest expense in majority-owned subsidiaries (301) Add: Fixed charges before capitalized interest 42,434 Add: Amortization of capitalized interest 3,760 -------- Total earnings available for fixed charges $ 71,930 ======== Fixed charges: Interest expense $ 32,746 Interest portion of rental expense 9,405 Amortization of discount related to indebtedness 283 -------- Total fixed charges before capitalized interest 42,434 Capitalized interest 6,760 -------- Total fixed charges $ 49,194 ======== Ratio of earnings to fixed charges 1.46 ========
-------- (1) Includes restructuring and impairment charges of $43 million ($26 million after-tax, or $0.23 per diluted share).