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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three months ended March 31, | | | | | | |||||||||||||||||
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| Years ended December 31, | ||||||||||||||||||||||
(millions except ratios) | |||||||||||||||||||||||
2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
Income before income taxes, equity in net income of associates and minority interest | $ | 195 | $ | 81 | $ | 421 | $ | 591 | $ | 540 | $ | 420 | $ | 240 | |||||||||
Add back fixed charges: | |||||||||||||||||||||||
Total fixed charges | 14 | 12 | 53 | 48 | 74 | 86 | 101 | ||||||||||||||||
Dividends from associates | — | — | 5 | 7 | 6 | 3 | 4 | ||||||||||||||||
Income as adjusted | $ | 209 | $ | 93 | $ | 479 | $ | 646 | $ | 620 | $ | 509 | $ | 345 | |||||||||
Fixed Charges | |||||||||||||||||||||||
Interest expense | $ | 9 | $ | 6 | $ | 30 | $ | 22 | $ | 53 | $ | 65 | $ | 82 | |||||||||
Portion of rents representative of interest factor | 5 | 6 | 23 | 26 | 21 | 21 | 19 | ||||||||||||||||
Total fixed charges | $ | 14 | $ | 12 | $ | 53 | $ | 48 | $ | 74 | $ | 86 | $ | 101 | |||||||||
Ratio of earnings to fixed charges | 14.9 | 7.8 | 9.0 | 13.5 | 8.4 | 5.9 | 3.4 | ||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
| Three months ended March 31, | | | | | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Years ended December 31, | ||||||||||||||||||||||
(millions except ratios) | |||||||||||||||||||||||
2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
Income before income taxes, equity in net income of associates and minority interest | $ | 195 | $ | 81 | $ | 421 | $ | 591 | $ | 540 | $ | 420 | $ | 240 | |||||||||
Add back fixed charges: | |||||||||||||||||||||||
Total fixed charges | 14 | 12 | 53 | 48 | 74 | 86 | 101 | ||||||||||||||||
Dividends from associates | — | — | 5 | 7 | 6 | 3 | 4 | ||||||||||||||||
Income as adjusted | $ | 209 | $ | 93 | $ | 479 | $ | 646 | $ | 620 | $ | 509 | $ | 345 | |||||||||
Fixed Charges and preferred stock dividends | |||||||||||||||||||||||
Interest expense | $ | 9 | $ | 6 | $ | 30 | $ | 22 | $ | 53 | $ | 65 | $ | 82 | |||||||||
Portion of rents representative of interest factor | 5 | 6 | 23 | 26 | 21 | 21 | 19 | ||||||||||||||||
Total fixed charges | $ | 14 | $ | 12 | $ | 53 | $ | 48 | $ | 74 | $ | 86 | $ | 101 | |||||||||
Preferred stock dividends | — | — | — | — | — | — | 19 | ||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 14 | $ | 12 | $ | 53 | $ | 48 | $ | 74 | $ | 86 | $ | 120 | |||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 14.9 | 7.8 | 9.0 | 13.5 | 8.4 | 5.9 | 2.9 | ||||||||||||||||
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS