EX-12 3 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

EXHIBIT 12

 

RATIO OF EARNINGS TO FIXED CHARGES

    

Three months ended

March 31,

( in thousands )

   

2003

   

2002

EARNINGS AS DEFINED:

              

Earnings from operations before income taxes after eliminating undistributed earnings of
20%-to 50%-owned affiliates

   

$

91,016

   

$

69,223

Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies

   

 

9,628

   

 

8,149

    
  

Earnings as defined

   

$

100,644

   

$

77,372

    
  

FIXED CHARGES AS DEFINED:

              

Interest expense, including amortization of debt issue costs

   

$

8,003

   

$

6,592

Interest capitalized

   

 

75

   

 

159

Portion of rental expense representative of the interest factor

   

 

1,625

   

 

1,557

Preferred stock dividends of majority-owned subsidiary companies

   

 

20

   

 

20

    
  

Fixed charges as defined

   

$

9,723

   

$

8,328

    
  

RATIO OF EARNINGS TO FIXED CHARGES

   

 

10.35

   

 

9.29

    
  

 

E-2