EX-12 6 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, 2003

    December 31, 2002

    December 31, 2001

   December 31, 2000

   December 31, 1999

 

Earnings available for fixed charges:

                                      

Earnings before income taxes

   $ 208,277     $ 175,733     $ 74,894    $ 433,984    $ 506,529  

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

     (2,743 )     (5,586 )     971      3,122      (1,989 )

Add: Dividends received from investees under the equity method

     973       81       831      1,763      2,757  

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

     (143 )     (656 )     59      208      588  

Add: Fixed charges before capitalized interest

     73,923       81,291       90,340      108,493      106,026  

Add: Amortization of capitalized interest

     6,985       7,207       7,509      7,735      8,127  
    


 


 

  

  


Total earnings available for fixed charges

   $ 287,272     $ 258,070     $ 174,604    $ 555,305    $ 622,038  
    


 


 

  

  


Fixed charges:

                                      

Interest expense

   $ 50,359     $ 62,818     $ 71,183    $ 89,639    $ 88,164  

Interest portion of rental expense

     23,530       17,975       18,907      18,393      17,077  

Amortization of discount related to indebtedness

     34       498       250      461      785  
    


 


 

  

  


Total fixed charges before capitalized interest

     73,923       81,291       90,340      108,493      106,026  

Capitalized interest

     3,120       5,300       3,070      4,554      5,500  
    


 


 

  

  


Total fixed charges

   $ 77,043     $ 86,591     $ 93,410    $ 113,047    $ 111,526  
    


 


 

  

  


Ratio of earnings to fixed charges

     3.73       2.98       1.87      4.91      5.58