Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated:
| Twelve Months Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.5 | 3 | 0.8 | 3.3 | 1.6 | |||||||||||||||
The computation of the ratio of earnings to fixed charges is as follows (in millions):
| Twelve Months Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings from continuing operations before taxes | $ | 232 | $ | 273 | $ | (40 | ) | $ | 353 | $ | 96 | |||||||||
Fixed charges (see below) | 152 | 134 | 215 | 149 | 146 | |||||||||||||||
Amortization of capitalized interest | 8 | 7 | 6 | 4 | 3 | |||||||||||||||
Capitalized interest | (10 | ) | (8 | ) | (13 | ) | (13 | ) | (10 | ) | ||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||||||||
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Earnings, as adjusted | $ | 382 | $ | 406 | $ | 168 | $ | 493 | $ | 235 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Portion of rents representative of interest expense | $ | 30 | $ | 7 | $ | 9 | $ | 25 | $ | 23 | ||||||||||
Interest on indebtedness, including amortization of deferred loan costs | 112 | 119 | 193 | 111 | 113 | |||||||||||||||
Capitalized interest | 10 | 8 | 13 | 13 | 10 | |||||||||||||||
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Total fixed charges | $ | 152 | $ | 134 | $ | 215 | $ | 149 | $ | 146 | ||||||||||
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