Exhibit 12
The following table sets forth our ratio of earnings to fixed charges for the periods indicated (in millions):
| Twelve Months Ended Dec. 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings (loss) from continuing operations before taxes | $ | 353 | $ | 96 | $ | 81 | $ | 118 | $ | 22 | ||||||||||
Fixed charges (see below) | 149 | 146 | 146 | 163 | 177 | |||||||||||||||
Amortization of capitalized interest | 4 | 3 | 3 | 2 | 1 | |||||||||||||||
Capitalized interest | (13 | ) | (10 | ) | (10 | ) | (9 | ) | (11 | ) | ||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||||||||
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Earnings, as adjusted | $ | 493 | $ | 235 | $ | 220 | $ | 274 | $ | 189 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Portion of rents representative of interest expense (33%) | $ | 25 | $ | 23 | $ | 24 | $ | 31 | $ | 32 | ||||||||||
Interest on indebtedness, including amortization of deferred loan costs | 111 | 113 | 112 | 123 | 134 | |||||||||||||||
Capitalized interest | 13 | 10 | 10 | 9 | 11 | |||||||||||||||
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Total fixed charges | $ | 149 | $ | 146 | $ | 146 | $ | 163 | $ | 177 | ||||||||||
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Ratio of earnings to fixed charges | 3.3 | 1.6 | 1.5 | 1.7 | 1.1 | |||||||||||||||
