EX-12 2 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
March 31,
   2007    2006

EARNINGS AS DEFINED:

      

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

    $ 122,238    $ 152,807

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

      12,601      14,289
             

Earnings as defined

    $ 134,839    $ 167,096
             

FIXED CHARGES AS DEFINED:

      

Interest expense, including amortization of debt issue costs

    $ 10,201    $ 12,153

Interest capitalized

      89   

Portion of rental expense representative of the interest factor

      2,400      2,136

Preferred stock dividends of majority-owned subsidiary companies

      20      20
             

Fixed charges as defined

    $ 12,710    $ 14,309
             

RATIO OF EARNINGS TO FIXED CHARGES

      10.61      11.68