EX-12 13 dex12.htm STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS Statements of Computation of Ratio of Earnings

 

EXHIBIT 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

 

     Years Ended December 31,

     2004

    2003

    2002

    2001

   2000

Earnings available for fixed charges:

                                     

Earnings from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle

   $ 356.8     $ 228.4     $ 167.4     $ 79.1    $ 448.6

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

     (0.6 )     (2.7 )     (5.6 )     1.0      3.1

Add: Dividends received from investees under the equity method

     —         1.0       0.1       0.8      1.8

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

     0.7       (0.1 )     (0.7 )     —        0.2

Add: Fixed charges before capitalized interest

     119.4       69.3       80.8       88.8      106.0

Add: Amortization of capitalized interest

     6.8       7.0       7.2       7.5      7.7
    


 


 


 

  

Total earnings available for fixed charges

   $ 483.1     $ 302.9     $ 249.2     $ 177.2    $ 567.4
    


 


 


 

  

Fixed charges:

                                     

Interest expense (1)

   $ 85.9     $ 51.4     $ 62.7     $ 70.6    $ 87.7

Interest portion of rental expense

     33.5       17.9       18.1       18.2      18.3
    


 


 


 

  

Total fixed charges before capitalized interest

     119.4       69.3       80.8       88.8      106.0

Capitalized interest

     2.2       3.1       5.3       3.1      4.6
    


 


 


 

  

Total fixed charges

   $ 121.6     $ 72.4     $ 86.1     $ 91.9    $ 110.6
    


 


 


 

  

Ratio of earnings to fixed charges

     3.97       4.18       2.89       1.93      5.13
    


 


 


 

  

 

(1) Includes amortization of discount related to indebtedness.