EX-12 3 0003.txt EXHIBIT 12 EXHIBIT (12) COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31, --------------------------------------------------------------------- 1995 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- -------- (In thousands, except ratio data) EARNINGS: Income from continuing operations before income taxes, minority interests and extraordinary items 224,591 399,326 629,196 267,373 229,915 559,354 Less: Minority interests 45,135 54,003 72,469 77,468 86,469 99,081 -------- -------- -------- -------- -------- -------- Income from continuing operations before income taxes and extraordinary items 179,456 345,323 556,727 189,905 143,446 460,273 ADJUSTMENTS: Non-recurring charges 73,102 78,905 15,875 587,313 448,605 -- Fixed charges 122,786 118,429 130,956 171,492 201,056 246,955 Capitalized interest expense (2,865) (3,943) (2,491) (630) (2,184) (1,726) -------- -------- -------- -------- -------- -------- Numerator -- earnings available for fixed charges 372,479 538,714 701,067 948,080 790,923 705,502 ======== ======== ======== ======== ======== ======== FIXED CHARGES: Interest expense 109,656 101,367 112,529 148,163 176,652 221,595 Capitalized interest expense 2,865 3,943 2,491 630 2,184 1,726 Interest component of rental expense 10,265 13,119 15,936 22,699 22,220 23,634 -------- -------- -------- -------- -------- -------- Denominator -- fixed charges 122,786 118,429 130,956 171,492 201,056 246,955 ======== ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES 3.03 4.55 5.35 5.53 3.93 2.86 ======== ======== ======== ======== ======== ========