EX-12 3 0003.txt EXHIBIT 12.2 EXHIBIT 12.2 WCI RATIO OF EARNINGS TO FIXED CHARGES (in millions, except ratios)
Years Ended December 31, --------------------------------------- 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Earnings: Income before income taxes and extraordinary items................$ 536 $2,046 $ 479 $1,026 $ 445 Interest expense.................................................. 10 24 23 23 34 Portion of rents representative of an interest factor............. 19 16 20 17 16 Adjustment for partially owned subsidiaries and 50% owned companies....................................................... 1,111 1,767 817 898 685 Undistributed (earnings) losses of less than 50% owned companies....................................................... 22 (40) 13 (7) 13 ------ ------ ------ ------ ------ Total earnings................................................$ 1,698 $3,813 $1,352 $1,957 $1,193 ====== ====== ====== ====== ====== Fixed charges: Interest expense..................................................$ 10 $ 24 $ 23 $ 23 $ 34 Portion of rents representative of an interest factor............. 19 16 20 17 16 Adjustment for partially owned subsidiaries and 50% owned companies....................................................... 741 582 638 589 574 ------ ------ ------ ------ ------ Total fixed charges...........................................$ 770 $ 622 $ 681 $ 629 $ 624 ====== ====== ====== ====== ====== Ratio of earnings to fixed charges..................................... 2.2x 6.1x 2.0x 3.1x 1.9x === === === === ===