EX-12 2 l24292aexv12.htm EX-12 EX-12
 

EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
                                 
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2006     2005     2006     2005  
Income from continuing operations before tax
   $ 26,515     $ 134,794     $ 254,234     $ 346,538  
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt
     4,344       1,089       5,696       4,762  
Amortization of capitalized interest
     310       301       1,228       1,204  
Interest expense
     11,900       12,209       49,387       51,585  
Interest portion of rental expense
     2,738       2,015       5,289       3,640  
 
                        
Earnings
   $ 45,807     $ 150,408     $ 315,834     $ 407,729  
 
                        
 
                                
Interest
   $ 12,970     $ 12,366     $ 52,668     $ 52,205  
Interest portion of rental expense
     2,738       2,015       5,289       3,640  
Interest expense relating to guaranteed debt of 50%-or-less-owned affiliates
     —       —       —       —  
 
                        
Fixed Charges
   $ 15,708     $ 14,381     $ 57,957     $ 55,845  
 
                        
 
                                
Ratio of Earnings to Fixed Charges
     2.92       10.46       5.45       7.30