EX-12 2 l37238exv12.htm EX-12 exv12
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
                                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2009   2008   2009   2008
 
(Loss) Income before Income Taxes
   $      (86,910 )   $      134,505     $      (89,140 )   $      271,095  
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt
     650       (1,554 )     1,273       (1,309 )
Amortization of capitalized interest
     842       459       1,323       891  
Interest expense
     8,491       11,643       16,965       22,641  
Interest portion of rental expense
     2,186       1,770       4,341       3,652  
 
                
 
                                
Earnings
   $      (74,741 )   $      146,823     $      (65,238 )   $      296,970  
 
                
 
                                
Interest
   $      8,834     $      12,475     $      18,171     $      24,368  
Interest portion of rental expense
     2,186       1,770       4,341       3,652  
Interest expense relating to guaranteed debt of 50%-or-less-owned affiliates
          -            -            -            -  
 
                
 
                                
Fixed Charges
   $      11,020     $      14,245     $      22,512     $      28,020  
 
                
 
                                
Ratio of Earnings to Fixed Charges
     (6.78 )     10.31       (2.90 )     10.60