Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
Twelve Months Ended December 31, | Six Months Ended December 31, | Twelve Months Ended June 30, | ||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2001 | 2001 | 2000 | ||||||||||||||
(Unaudited) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | 82,563 | (33,507 | ) | (40,423 | ) | 183,370 | (19,620 | ) | 240,335 | 106,547 | ||||||||||
Fixed charges, as shown below | 40,598 | 41,084 | 50,358 | 47,952 | 18,787 | 62,343 | 61,670 | |||||||||||||
Equity in income of investees | 4,317 | 8,851 | 9,818 | (11,249 | ) | (796 | ) | (19,437 | ) | (1,969 | ) | |||||||||
Adjusted Earnings (Loss) | 127,478 | 16,428 | 19,753 | 220,073 | (1,629 | ) | 283,241 | 66,248 | ||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on indebtedness, expensed or capitalized | 31,429 | 34,451 | 46,213 | 43,356 | 16,564 | 57,598 | 55,289 | |||||||||||||
Interest within rent expense | 9,169 | 6,633 | 4,145 | 4,596 | 2,223 | 4,745 | 6,381 | |||||||||||||
Total Fixed Charges | 40,598 | 41,084 | 50,358 | 47,952 | 18,787 | 62,343 | 61,670 | |||||||||||||
Ratio of Earnings to Fixed Charges | 3.14 | (1 | ) | (2 | ) | 4.59 | (3 | ) | 4.54 | 2.70 | ||||||||||
(1) | The deficiency of earnings to cover fixed charges was $24,656 for the twelve month period ended December 31, 2003. |
(2) | The deficiency of earnings to cover fixed charges was $30,605 for the twelve month period ended December 31, 2002. |
(3) | The deficiency of earnings to cover fixed charges was $20,416 for the six month period ended December 31, 2001. |