EX-12 3 exh12a.txt EXHIBIT 12.1 FREEPORT-McMoRan COPPER & GOLD INC. Computation of Ratio of Earnings to Fixed Charges:
Years Ended December 31, 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (In Thousands) Income from continuing operations$226,249 $245,108 $153,848 $136,467 $ 76,987 Add: Provision for income taxes 247,168 231,315 170,566 195,653 159,573 Minority interests' share of net income 48,529 40,343 37,012 48,714 36,680 Interest expense, net 117,291 151,720 205,588 194,069 205,346 Rental expense factor(a) 457 240 323 188 - -------- -------- -------- -------- -------- Earnings available for fixed charges $639,694 $668,726 $567,337 $575,091 $478,586 ======== ======== ======== ======== ======== Interest expense, net $117,291 $151,720 $205,588 $194,069 $205,346 Capitalized interest 22,979 23,021 19,612 3,768 7,216 Rental expense factor(a) 457 240 323 188 - -------- -------- -------- -------- -------- Fixed charges $140,727 $174,981 $225,523 $198,025 $212,562 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges(b) 4.5x 3.8x 2.5x 2.9x 2.3x ==== ==== ==== ==== ====
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:
Years Ended December 31, 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (In Thousands) Income from continuing operations$226,249 $245,108 $153,848 $136,467 $ 76,987 Add: Provision for income taxes 247,168 231,315 170,566 195,653 159,573 Minority interests' share of net income 48,529 40,343 37,012 48,714 36,680 Interest expense, net 117,291 151,720 205,588 194,069 205,346 Rental expense factor(a) 457 240 323 188 - -------- -------- -------- -------- -------- Earnings available for fixed charges $639,694 $668,726 $567,337 $575,091 $478,586 ======== ======== ======== ======== ======== Interest expense, net $117,291 $151,720 $205,588 $194,069 $205,346 Capitalized interest 22,979 23,021 19,612 3,768 7,216 Rental expense factor(a) 457 240 323 188 - Preferred dividends(c) 101,083 65,896 65,847 68,697 72,717 -------- -------- -------- -------- -------- Fixed charges $241,810 $240,877 $291,370 $266,722 $285,279 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges(b) 2.6x 2.8x 1.9x 2.2x 1.7x ==== ==== ==== ==== ====
a. Portion of rent deemed representative of an interest factor. b. For purposes of this calculation, earnings consist of income from continuing operations before income taxes, minority interests and fixed charges. Fixed charges include interest and that portion of rent deemed representative of interest. c. For purposes of this calculation, we assume that our preferred stock dividend requirements were equal to the pre-tax earnings that would be required to cover those dividend requirements.