EX-12.2 11 dex122.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS Statement re: Computation of Ratio of Earnings

EXHIBIT 12.2 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

  

 

 

Year Ended December 31

 

 

 

 

 

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

 

 

 

 

 

 

 

(in millions, except ratios)

 

 

 

    Restated            

 
       
         

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Federal Income Tax, Extraordinary Loss, and Cumulative Effect of Accounting Principle Change

 

$

610.9

 

$

766.6

 

$

826.7

 

$

(165.5

)

$

920.2

 

Fixed Charges

 

180.3

 

189.0

 

197.1

 

155.2

 

138.3

 

 

 

 

 

 

 

 

Adjusted Earnings

 

$

791.2

 

$

955.6

 

$

1,023.8

 

$

(10.3

)

$

1,058.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Debt Expense

 

$

162.4

 

$

169.6

 

$

181.8

 

$

137.8

 

$

119.9

 

Amortization of Deferred Debt Costs

 

3.3

 

7.1

 

2.4

 

2.4

 

3.3

 

Portion of Rents Deemed Representative of Interest

 

14.6

 

12.3

 

12.9

 

15.0

 

15.1

 

Preferred Stock Dividends

 

—

 

—

 

—

 

—

 

2.9

 

 

 

 

 

 

 

 

Total Combined Fixed Charges and Preferred Stock Dividends

 

$

180.3

 

$

189.0

 

$

197.1

 

$

155.2

 

$

141.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

4.4

 

5.1

 

5.2

 

(0.1

)

7.5