EX-12 8 a2146663zex-12.htm EXHIBIT 12
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Exhibit 12


Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings
to Fixed Charges and Preferred and Preference Stock Dividends
(Dollars in thousands)

 
  Nine Months
Ended
September 30,

  Years ended December 31,
 
 
  2004

  2003

  2002

  2001

  2000

  1999

 
Income from continuing operations before income taxes   $ 584,607   $ 721,091   $ 619,445   $ 766,384   $ 802,848   $ 823,942  

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense     126,670     167,649     185,352     193,076     200,957     175,699  
  Portion of rents representative of the interest factor     38,224     45,978     43,032     36,032     34,512     33,042  
  Amortization of capitalized interest     1,105     1,473     1,348     973     973     973  
  Minority interest in the income of subsidiary with fixed charges     3,194     3,924     5,415     9,995     14,237     12,033  
   
 
 
 
 
 
 
Income as adjusted   $ 753,800   $ 940,115   $ 854,592   $ 1,006,460   $ 1,053,527   $ 1,045,689  
   
 
 
 
 
 
 
Fixed charges:(1)                                      
  Interest expense   $ 126,670   $ 167,649   $ 185,352   $ 193,076   $ 200,957   $ 175,699  
  Capitalized interest                     2,383     1,316  
  Portion of rents representative of the interest factor     38,224     45,978     43,032     36,032     34,512     33,042  
  Minority Interest excluding taxes in the income of subsidiary with fixed charges     4,694     5,718     7,663     14,893     20,298     17,610  
   
 
 
 
 
 
 
Total fixed charges   $ 169,588   $ 219,345   $ 236,047   $ 244,001   $ 258,150   $ 227,667  
 
Preferred and preference stock dividends

 

 

75

 

 

108

 

 

119

 

 

130

 

 

140

 

 

151

 
   
 
 
 
 
 
 
Total fixed charges and preferred and preference stock dividends   $ 169,663   $ 219,453   $ 236,166   $ 244,131   $ 258,290   $ 227,818  
   
 
 
 
 
 
 
Ratio of earnings to fixed charges     4.44 x   4.29 x   3.62 x   4.12 x   4.08 x   4.59 x
   
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred and preference stock dividends     4.44 x   4.28 x   3.62 x   4.12 x   4.08 x   4.59 x
   
 
 
 
 
 
 

(1)
Included in fixed charges is one-third of rental expense which management believes is the representative portion of interest.



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Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred and Preference Stock Dividends (Dollars in thousands)