EX-12 3 slp80b.txt RATION OF EARNINGS RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12
Six Months Ended June 30, Years Ended December 31, --------------------- ----------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 --------------------- ----------------------------------------------------- (Dollars in thousands) Income before cumulative effect of a change in accounting principle, net of tax, before preferred dividends $60,045 $64,954 $388,667 $203,287 $103,374 $151,271 $163,775 Income taxes 29,574 38,476 238,816 120,486 58,113 81,733 105,760 --------------------- ----------------------------------------------------- Net income before income taxes and preferred dividends 89,619 103,430 627,483 323,773 161,487 233,004 269,535 Interest expense 97,331 82,412 173,614 136,229 129,363 122,563 113,321 Estimated interest component of rent expense 5,403 6,072 12,362 11,434 8,994 9,438 8,880 --------------------- ----------------------------------------------------- Fixed charges as defined 102,734 88,484 185,976 147,663 138,357 132,001 122,201 Earnings as defined $192,353 $191,914 $813,459 $471,436 $299,844 $365,005 $391,736 ===================== ===================================================== Ratio of Earnings to Fixed Charges (Unaudited) 1.87 2.17 4.37 3.19 2.17 2.77 3.21