Exhibit 12
| Year Ended December 31, | September 30, | ||||||||||||||||||||||||
| 1999 | 2000 | 2001 | 2002 | 2003 | 2003 | 2004 | |||||||||||||||||||
Computation of Earnings: | |||||||||||||||||||||||||
Income/(loss) before income taxes and cumulative effect of a change in accounting | $ | 309 | ($ | 217 | ) | ($ | 444 | ) | (145 | ) | $ | 119 | $ | 154 | $ | 152 | |||||||||
Adjustments to income: | |||||||||||||||||||||||||
Add: Distributed income from less than 50% owned companies | 4 | 4 | 2 | 5 | 9 | 4 | 8 | ||||||||||||||||||
Add: Fixed charges as presented below | 384 | 409 | 469 | 355 | 398 | 293 | 281 | ||||||||||||||||||
Subtract: Interest capitalized | (1 | ) | (1 | ) | (1 | ) | -1 | 0 | 0 | ||||||||||||||||
Add: Amortization of interest previously capitalized | (1 | ) | (1 | ) | 1 | 1 | |||||||||||||||||||
Earnings | $ | 695 | $ | 194 | $ | 27 | $ | 215 | $ | 526 | $ | 451 | $ | 441 | |||||||||||
Computation of Fixed Charges: | |||||||||||||||||||||||||
Interest incurred | $ | 367 | $ | 393 | $ | 455 | $ | 342 | $ | 356 | $ | 263 | $ | 253 | |||||||||||
Amortization of debt-related costs | 6 | 3 | 2 | 2 | 23 | 17 | 17 | ||||||||||||||||||
Portion of rental expense representative of interest(1) | 10 | 12 | 11 | 11 | 18 | 13 | 11 | ||||||||||||||||||
Interest capitalized | 1 | 1 | 1 | 1 | |||||||||||||||||||||
Total fixed charges | 384 | 409 | 469 | 355 | 398 | 293 | 281 | ||||||||||||||||||
Preferred stock dividend requirements | 23 | 3 | |||||||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 407 | $ | 412 | $ | 469 | $ | 355 | $ | 398 | $ | 293 | $ | 281 | |||||||||||
Ratio of earnings to fixed charges(2) | 1.8 | — | — | — | 1.3 | 1.5 | 1.6 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends(2) | 1.7 | — | — | — | 1.3 | 1.5 | 1.6 | ||||||||||||||||||
(1) One-third of net rent expense is the portion deemed representative of the Interest factor. | |||||||||||||||||||||||||
(2) Earnings did not cover fixed charges and preferred stock dividends by: | ($ | 218 | ) | ($ | 442 | ) | ($140) | ||||||||||||||||||