EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands except ratios)
| Six Months Ending 30-June-03 | |||
Earnings available for fixed charges: | |||
Earnings (loss) before income taxes (1) | $ | 40,476 | |
Add: Equity loss of minority-owned companies | 888 | ||
Add: Dividends received from investees under the equity method | 973 | ||
Add: Minority interest expense in majority-owned subsidiaries | 301 | ||
Add: Fixed charges before capitalized interest | 34,460 | ||
Add: Amortization of capitalized interest | 3,658 | ||
Total earnings available for fixed charges | $ | 80,756 | |
Fixed charges: | |||
Interest expense | $ | 24,763 | |
Interest portion of rental expense | 9,679 | ||
Amortization of discount related to indebtedness | 18 | ||
Total fixed charges before capitalized interest | 34,460 | ||
Capitalized interest | 3,000 | ||
Total fixed charges | $ | 37,460 | |
Ratio of earnings to fixed charges | 2.16 | ||
| (1) | Includes restructuring and impairment charges of $7.9 million ($4.7 million after-tax, or $0.04 per diluted share). |