Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
December 31, 2004
Years Ended December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Adjusted earnings (loss) from continuing operations before income taxes | $ | 3,240 | 2,203 | (135 | ) | 27 | 1,036 | |||||||||||||
Add fixed charges (see below) | 565 | 569 | 549 | 229 | 164 | |||||||||||||||
Adjusted earnings | $ | 3,805 | 2,772 | 414 | 256 | 1,200 | ||||||||||||||
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: | ||||||||||||||||||||
Gross interest expense | 545 | 552 | 537 | 223 | 158 | |||||||||||||||
Dividends on preferred stock of a subsidiary | — | 3 | — | — | — | |||||||||||||||
Estimated interest component of operating lease payments | 20 | 14 | 12 | 6 | 6 | |||||||||||||||
Fixed charges | 565 | 569 | 549 | 229 | 164 | |||||||||||||||
Preferred stock requirements, pre-tax | 15 | 16 | 16 | 16 | 16 | |||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 580 | 585 | 565 | 245 | 180 | ||||||||||||||
Ratio of earnings to fixed charges | 6.73 | 4.87 | N/A | 1.12 | 7.34 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 6.56 | 4.74 | N/A | 1.05 | 6.70 | |||||||||||||||
Insufficiency of earnings to cover fixed charges | N/A | N/A | 135 | N/A | N/A | |||||||||||||||
Insufficiency of earnings to cover combined fixed charges and preferred stock dividends | N/A | N/A | 151 | N/A | N/A |