EX-12 4 p70540exv12.htm EXHIBIT 12 exv12
 

PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
($ in millions)

                 
    March 31,     December 31,  
    2005     2004  
Short-term debt
   $ 30.3       78.8  
 
                
Current portion of long-term debt
     45.8       45.9  
 
                
Long-term debt
     970.7       972.2  
 
            
 
                
Total debt
     1,046.8       1,096.9  
 
                
Minority interests in consolidated subsidiaries
     581.8       555.1  
 
                
Shareholders’ equity
     4,752.5       4,343.1  
 
            
 
                
Total capitalization
   $ 6,381.1       5,995.1  
 
            
 
                
Ratio of total debt to total capitalization
     16.4 %     18.3 %