EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands except ratios)
Twelve Months Ending December 31, 2002 | Twelve Months Ending December 31, 2001 | Twelve Months Ending December 31, 2000 | ||||||||
Earnings available for fixed charges: | ||||||||||
Earnings before income taxes | $ | 175,733 |
| $ | 74,894 | $ | 433,984 | |||
Less/Add: Equity (income) loss of minority-owned companies |
| (5,586 | ) |
| 971 |
| 3,122 | |||
Add: Dividends received from investees under the equity method |
| 81 |
|
| 831 |
| 1,763 | |||
Less/Add: Minority interest (income) loss in majority-owned subsidiaries |
| (656 | ) |
| 59 |
| 208 | |||
Add: Fixed charges before capitalized interest |
| 81,291 |
|
| 90,340 |
| 108,493 | |||
Add: Amortization of capitalized interest |
| 7,207 |
|
| 7,509 |
| 7,735 | |||
Total earnings available for fixed charges | $ | 258,070 |
| $ | 174,604 | $ | 555,305 | |||
Fixed charges: | ||||||||||
Interest expense | $ | 62,818 |
| $ | 71,183 | $ | 89,639 | |||
Interest portion of rental expense |
| 17,975 |
|
| 18,907 |
| 18,393 | |||
Amortization of discount related to indebtedness |
| 498 |
|
| 250 |
| 461 | |||
Total fixed charges before capitalized interest |
| 81,291 |
|
| 90,340 |
| 108,493 | |||
Capitalized interest |
| 5,300 |
|
| 3,070 |
| 4,554 | |||
Total fixed charges | $ | 86,591 |
| $ | 93,410 | $ | 113,047 | |||
Ratio of earnings to fixed charges |
| 2.98 |
|
| 1.87 |
| 4.91 | |||