EX-12.2 4 dex122.txt RATIO OF EARNINGS TO FIXED CHARGES OF WCI Exhibit 12.2 TWE GENERAL PARTNERS RATIO OF EARNINGS TO FIXED CHARGES (in millions, except ratios)
Years Ended December 31, --------------------------------------------------------- 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Historical Historical Historical Historical Historical ---------- ---------- ---------- ---------- ---------- WCI Earnings: Income (loss) before income taxes and cumulative effect of accounting charge $(2,633) $ 536 $ 2,046 $ 479 $ 1,026 Interest expense 34 10 24 23 23 Capitalized interest - - - - - Amortization of capitalized interest - - - - - Portion of rents representative of an interest factor 21 19 16 20 17 Preferred stock dividend requirements of majority-owned subsidiaries - - - - - Adjustment for partially owned subsidiaries and 50% owned companies 156 1,110 1,767 817 898 Undistributed (earnings) losses of less than 50% owned companies 337 22 (40) 13 (7) ------- ------- ------- ------- ------- Total earnings $(2,085) $ 1,697 $ 3,813 $ 1,352 $ 1,957 ======= ======= ======= ======= ======= Fixed charges: Interest expense $ 34 $ 10 $ 24 $ 23 $ 23 Capitalized interest - - - - - Portion of rents representative of an interest factor 21 19 16 20 17 Preferred stock dividend requirements of majority-owned subsidiaries - - - - - Adjustment for partially owned subsidiaries and 50% owned companies 657 741 582 638 589 ----- ----- ----- ----- ----- Total fixed charges $ 712 $ 770 $ 622 $ 681 $ 629 ===== ===== ===== ===== ===== Ratio of earnings to fixed charges (deficiency in the coverage of fixed charges by earnings before fixed charges) $(2,797) 2.2 6.1 2.0 3.1 ======= ======= ======= ======= =======