EX-12 6 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

EXHIBIT 12

 

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands except ratios)

 

     Nine Months
Ending
September 30, 2003


 

Earnings available for fixed charges:

        

Earnings before income taxes (1)

   $ 123,165  

Less: Equity earnings of minority-owned companies

     (3,264 )

Add: Dividends received from investees under the equity method

     973  

Add: Minority interest expense in majority-owned subsidiaries

     261  

Add: Fixed charges before capitalized interest

     46,378  

Add: Amortization of capitalized interest

     5,322  
    


Total earnings available for fixed charges

   $ 172,835  
    


Fixed charges:

        

Interest expense

   $ 36,673  

Interest portion of rental expense

     9,679  

Amortization of discount related to indebtedness

     26  
    


Total fixed charges before capitalized interest

     46,378  

Capitalized interest

     4,500  
    


Total fixed charges

   $ 50,878  
    


Ratio of earnings to fixed charges

     3.40  
    



(1)   Includes restructuring and impairment charges of $9,390 million ($5,634 million after-tax, or $0.05 per diluted share).