EX-12.2 4 dex122.htm COMPUTATION, COMBINED Computation, Combined

EXHIBIT 12.2

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

    

Nine Months
Ended

September 30

    Year Ended December 31

     2003 (1)

    2002

   2001

   2000

   1999 (1)

    1998

     (in millions, except ratios)

Earnings

                                           

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

   $ (77.5 )   $ 610.9    $ 762.1    $ 826.7    $ (165.5 )   $ 920.2

Fixed Charges

     151.4       180.3      189.0      197.1      155.2       138.3
    


 

  

  

  


 

Adjusted Earnings

   $ 73.9     $ 791.2    $ 951.1    $ 1,023.8    $ (10.3 )   $ 1,058.5
    


 

  

  

  


 

Combined Fixed Charges and Preferred Stock Dividends

                                           

Interest and Debt Expense

   $ 137.4     $ 162.4    $ 169.6    $ 181.8    $ 137.8     $ 119.9

Amortization of Deferred Debt Costs

     3.9       3.3      7.1      2.4      2.4       3.3

Portion of Rents Deemed Representative of Interest

     10.1       14.6      12.3      12.9      15.0       15.1

Preferred Stock Dividends

     —         —        —        —        —         2.9
    


 

  

  

  


 

Total Combined Fixed Charges and Preferred Stock Dividends

   $ 151.4     $ 180.3    $ 189.0    $ 197.1    $ 155.2     $ 141.2
    


 

  

  

  


 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

     0.5       4.4      5.0      5.2      (0.1 )     7.5

 

  (1) Earnings were inadequate to cover combined fixed charges and preferred stock dividends. The coverage deficiency totaled $77.5 million for the nine months ended September 30, 2003 and $165.5 million for 1999.