Exhibit 12
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||
| (dollars in thousands, except ratios) | ||||||||||||||||||||||||||
| Income (loss) before income taxes and cumulative effect of change in accounting principle, but after minority interest | $ | 244,759 | $ | 259,184 | ($148,207 | ) | $ | 38,689 | ($79,814 | ) | $ | 64,225 | ||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Portion of rents representative of the interest factor | 2,931 | 5,862 | 6,007 | 5,527 | 5,370 | 4,698 | ||||||||||||||||||||
| Interest expense | 25,368 | 45,475 | 45,719 | 47,596 | 50,801 | 48,819 | ||||||||||||||||||||
| Income as adjusted | $ | 273,058 | $ | 310,521 | ($96,481 | ) | $ | 91,812 | ($23,643 | ) | $ | 117,742 | ||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||||
| Interest expense | $ | 25,368 | $ | 45,475 | $ | 45,719 | $ | 47,596 | $ | 50,801 | $ | 48,819 | ||||||||||||||
| Preferred dividends | 0 | 0 | 0 | 0 | 497 | 8,268 | ||||||||||||||||||||
| Portion of rents representative of the interest factor | 2,931 | 5,862 | 6,007 | 5,527 | 5,370 | 4,698 | ||||||||||||||||||||
| Total | $ | 28,299 | $ | 51,337 | $ | 51,726 | $ | 53,123 | $ | 56,668 | $ | 61,785 | ||||||||||||||
| Ratio of Earnings to Fixed Charges | 9.6 | 6.0 | N/A | 1.7 | N/A | 2.2 | ||||||||||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 9.6 | 6.0 | N/A | 1.7 | N/A | 1.9 | ||||||||||||||||||||
