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

 

(in thousands)

 

   

Three months ended
June 30,

   

Six months ended

June 30,

     2005
    2004
    2005
    2004

EARNINGS AS DEFINED:

                            

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

    $ 181,392    $ 151,185    $ 307,048    $ 282,112

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

      9,725      10,409      19,308      19,920
    
  
  
  

Earnings as defined

    $ 191,117    $ 161,594    $ 326,356    $ 302,032
    
  
  
  

FIXED CHARGES AS DEFINED:

                            

Interest expense, including amortization of debt issue costs

    $ 7,559    $ 8,272    $ 14,931    $ 15,667

Interest capitalized

             251             516

Portion of rental expense representative of the interest factor

      2,166      2,137      4,377      4,253

Preferred stock dividends of majority-owned subsidiary companies

      20      20      40      40
    
  
  
  

Fixed charges as defined

    $ 9,745    $ 10,680    $ 19,348    $ 20,476
    
  
  
  

RATIO OF EARNINGS TO FIXED CHARGES

      19.61      15.13      16.87      14.75