EX-12 9 l38915exv12.htm EX-12 exv12
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
                                         
    Years Ended December 31,
    2009   2008   2007   2006   2005
     
(Loss) income from continuing operations before tax
   $ (94,230 )   $ 439,587     $ 264,656     $ 208,633     $ 308,197  
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt
     907       (1,418 )     1,321       5,696       4,762  
Amortization of capitalized interest
     4,096       1,839       1,406       1,229       1,204  
Interest expense
     41,883       44,401       42,314       49,037       51,299  
Interest portion of rental expense
     8,527       8,687       7,516       4,950       3,384  
     
(Loss) earnings
   $ (38,817 )   $ 493,096     $ 317,213     $ 269,545     $ 368,846  
     
 
                                        
Interest
   $ 43,360     $ 47,354     $ 48,014     $ 52,318     $ 51,919  
Interest portion of rental expense
     8,527       8,687       7,516       4,950       3,384  
     
Fixed Charges
   $ 52,187     $ 56,041     $ 55,530     $ 57,268     $ 55,303  
     
 
                                        
Ratio of Earnings to Fixed Charges
     (0.74 )     8.80       5.71       4.71       6.67