EX-12 6 ex-12.txt EXHIBIT 12 (Exhibit 12) INTERNATIONAL PAPER COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in millions) (Unaudited)
For the Years Ended December 31, ------------------------------------------------------------- TITLE 1996 1997 1998 1999 2000 ----------- ---------- ---------- ----------- ----------- A) Earnings (loss) before income taxes, minority interest, extraordinary items and accounting change $ 939.0 $ 143.0 $ 429.0 $ 448.0 $ 723.0 B) Minority interest expense, net of taxes (180.0) (140.0) (87.0) (163.0) (238.0) C) Fixed charges excluding capitalized interest 802.1 826.6 866.7 820.9 1,151.5 D) Amortization of previously capitalized interest 34.2 37.0 38.8 17.0 23.5 E) Equity in undistributed earnings of affiliates 6.2 (40.4) 23.7 (41.6) 5.6 -------- ------- -------- -------- --------- F) Earnings before income taxes, extraordinary items, accounting change and fixed charges $1,601.5 $ 826.2 $1,271.2 $1,081.3 $ 1,665.6 ======== ======= ======== ======== ========= Fixed Charges G) Interest and amortization of debt expense $ 699.5 $ 720.0 $ 716.9 $ 611.5 $ 938.1 H) Interest factor attributable to rentals 79.0 83.0 80.7 76.3 72.8 I) Preferred dividends of subsidiaries 23.6 23.6 69.1 133.1 140.6 J) Capitalized interest 71.2 71.6 53.4 29.3 25.2 -------- ------- -------- -------- --------- K) Total fixed charges $ 873.3 $ 898.2 $ 920.1 $ 850.2 $ 1,176.7 ======== ======= ======== ======== ========= L) Ratio of earnings to fixed charges 1.83 1.38 1.27 1.42 ======== ======== ======== ========= M) Deficiency in earnings necessary to cover fixed charges $ (72.0) ======= Nine Months Ended September 30, ----------------------- TITLE 2000 2001 ---------- ----------- A) Earnings (loss) before income taxes, minority interest, extraordinary items and accounting change $1,226.0 $(632.0) B) Minority interest expense, net of taxes (188.0) (112.0) C) Fixed charges excluding capitalized interest 790.9 964.4 D) Amortization of previously capitalized interest 15.6 21.5 E) Equity in undistributed earnings of affiliates (2.4) 11.9 -------- ------- F) Earnings before income taxes, extraordinary items, accounting change and fixed charges $1,842.1 $ 253.8 ======== ======= Fixed Charges G) Interest and amortization of debt expense $ 632.7 $ 807.9 H) Interest factor attributable to rentals 52.9 57.3 I) Preferred dividends of subsidiaries 105.3 99.2 J) Capitalized interest 18.9 10.2 -------- ------- K) Total fixed charges $ 809.8 $ 974.6 ======== ======= L) Ratio of earnings to fixed charges 2.27 ======== M) Deficiency in earnings necessary to cover fixed charges $(720.8) =======