EX-12 7 dex12.htm COMPUTATION OF RATIO EARNINGS (LOSS) TO FIXED CHARGES Computation of Ratio Earnings (Loss) to Fixed Charges
Computation of Ratio of Earnings (Loss) to Fixed Charges   Exhibit 12

 

YEAR ENDED DECEMBER 31

(In Millions Except For Ratios)

    2003
    2002
    2001
     2000
     1999

EARNINGS (LOSS)

                                     

Income (Loss) before Income Taxes

    $ 441.1    $ 393.4    $ (1,482.4 )   $ 70.3     $ 240.5

Total Fixed Charges

      1,118.9      1,130.3      1,121.6       1,125.7       1,027.1

Less Interest Capitalized

      —        —        (8.3 )     (6.1 )     —  
    
  
  
 
 

Total Earnings (Loss)

      1,560.0      1,523.7      (369.1 )     1,189.9       1,267.6
    
  
  
 
 

FIXED CHARGES

                                     

Interest

      127.1      132.0      136.9       144.4       141.8

Interest on Deposit Contracts

      973.8      980.6      960.2       959.9       872.2

Interest Capitalized

      —        —        8.3       6.1       —  

Interest Portion of Rental Expense

      17.6      16.4      15.0       14.3       12.0

Amortization of Deferred Debt Expense

      0.4      1.3      1.2       1.0       1.1
    
  
  
 
 

Total Fixed Charges

    $ 1,118.9    $ 1,130.3    $ 1,121.6     $ 1,125.7     $ 1,027.1
    
  
  
 
 

RATIO OF EARNINGS (LOSS) TO FIXED CHARGES

      1.4      1.3      —         1.1       1.2

Dollar Amount of Deficiency in Earnings (Loss) to Fixed Charges

      N/A      N/A    $ 1,490.7       N/A       N/A