EX-12 3 a03-5016_1ex12.htm EX-12

Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth the Company’s ratio of earnings to fixed charges for periods indicated:

 

 

 

9 Months
Ended

 

Year Ended December 31,

 

 

 

09/30/03

 

2002

 

2001

 

2000

 

1999

 

1998

 

Ratio of Earnings to
Fixed Charges

 

7.66

 

5.36

 

1.95

 

5.27

 

7.41

 

5.19

 

 

For purposes of computing the ratio of earnings to fixed charges, earnings are defined as earnings before income taxes plus fixed charges.  Fixed charges consist of interest expense (including capitalized interest) and the portion of rental expense that is representative of the interest factor (deemed to be one-third of minimum operating lease rentals).  The earnings to fixed charges calculation reflects the Company’s proportionate share of income, expense and fixed charges attributable to the Company’s investment in majority-owned unconsolidated subsidiaries and joint ventures.

 

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