EX-12 4 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

 

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands except ratios)

 

      

Twelve Months Ending December 31, 2002


      

Twelve Months Ending December 31, 2001


    

Twelve Months Ending December 31, 2000


Earnings available for fixed charges:

                            

Earnings before income taxes

    

$

175,733

 

    

$

74,894

    

$

433,984

Less/Add:  Equity (income) loss of minority-owned companies

    

 

(5,586

)

    

 

971

    

 

3,122

Add:  Dividends received from investees under the equity method

    

 

81

 

    

 

831

    

 

1,763

Less/Add:  Minority interest (income) loss in majority-owned subsidiaries

    

 

(656

)

    

 

59

    

 

208

Add:  Fixed charges before capitalized interest

    

 

81,291

 

    

 

90,340

    

 

108,493

Add:  Amortization of capitalized interest

    

 

7,207

 

    

 

7,509

    

 

7,735

      


    

    

Total earnings available for fixed charges

    

$

258,070

 

    

$

174,604

    

$

555,305

      


    

    

Fixed charges:

                            

Interest expense

    

$

62,818

 

    

$

71,183

    

$

89,639

Interest portion of rental expense

    

 

17,975

 

    

 

18,907

    

 

18,393

Amortization of discount related to indebtedness

    

 

498

 

    

 

250

    

 

461

      


    

    

Total fixed charges before capitalized interest

    

 

81,291

 

    

 

90,340

    

 

108,493

Capitalized interest

    

 

5,300

 

    

 

3,070

    

 

4,554

      


    

    

Total fixed charges

    

$

86,591

 

    

$

93,410

    

$

113,047

      


    

    

Ratio of earnings to fixed charges

    

 

2.98

 

    

 

1.87

    

 

4.91