EX-12 3 l04641bexv12.txt EX-12 COMPUTATION OF RATIO PER EARNING . . . Exhibit 12 Computation of Ratio of Earnings to Fixed Charges (amounts in millions, except ratios)
Six Months Six Months Ended Ended June 30, June 30, 2003 2002 ---------- ------------ Income (loss) from continuing operations before income taxes and minority interests $(5.1) $56.0 Add (deduct) earnings of less than 50% owned affiliates (net of distributed earnings) included in pretax income 0 0 Add income of less than 50% owned affiliates included in pretax income 0 0 Add fixed charges, net of capitalized interest 22.5 14.1 Add previously capitalized interest amortized during the period 0.3 0.3 ----- ----- Earnings $17.7 $70.4 Gross interest expense including capitalized interest plus amortization of capitalized fees (fixed charges) $22.5 $14.1 Ratio of earnings to fixed charges (a) 5.0
(a) - Earnings were inadequate to cover fixed charges by $4.8 million.