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- 10-K Annual report
- 3.1 Composite Copy of Restated Certificate of Incorporation of International Paper
- 10.8 Closing Memorandum, Dated February 1, 2007
- 10.17 Form of Restricted Stock Award
- 10.22 Amendment No. 2, Effective January 1, 2007
- 10.23 International Paper Company Restricted Stock and Deferred Compensation Plan
- 10.33 Consent Dated As of December 7, 2006 to the 364-DAY Credit Agreement
- 10.35 Consent Dated As of December 7, 2006 to the 5-YEAR Credit Agreement
- 10.37 First Amendment, Dated As of December 30, 2005
- 10.39 Third Amendment, Dated As of December 15, 2006
- 10.41 First Amendment to Receivables Sale Agreement Dated November 19, 2003.
- 10.42 Second Amendment to Receivables Sale Agreement Dated November 17, 2004.
- 10.44 First Amendment to Receivables Sale & Contribution Agreement Dated 02/28/2002.
- 10.45 Second Amendment to Receivables Sale & Contribution Agreement Dated 12/23/2002.
- 10.46 Third Amendment to Receivables Sale & Contribution Agreement Dated 12/03/2003.
- 10.47 Fourth Amendment to Receivables Sale & Contribution Agreement Dated 11/17/2004.
- 11 Statement of Computation of Per Share Earnings
- 12 Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
- 21 List of Subsidiaries of Registrant
- 23 Consent of Independent Registered Public Accounting Firm
- 31.1 Certification by John V. Faraci, Chairman and CEO, Pursuant to Section 302
- 31.2 Certification by Marianne M. Parrs, CFO, Pursuant to Section 302
- 32 Certification Pursuant to 18 U.s.c. Section 1350
EXHIBIT 12
INTERNATIONAL PAPER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS
(Dollar amounts in millions)
(Unaudited)
For the Years Ended December 31, | ||||||||||||||||||||||
TITLE | 2002 | 2003 | 2004 | 2005 | 2006 | |||||||||||||||||
A) Earnings (loss) before income taxes, minority interest, extraordinary items and accounting changes | $ | 174.0 | $ | 89.0 | $ | 376.0 | $ | 286.0 | $ | 3,188.0 | ||||||||||||
B) Minority interest expense, net of taxes | (44.0 | ) | (79.0 | ) | (24.0 | ) | (9.0 | ) | (17.0 | ) | ||||||||||||
C) Fixed charges excluding capitalized interest | 987.7 | 943.8 | 859.7 | 752.0 | 724.5 | |||||||||||||||||
D) Amortization of previously capitalized interest | 42.6 | 40.8 | 40.3 | 39.2 | 34.8 | |||||||||||||||||
E) Equity in undistributed earnings of affiliates | 20.5 | 3.1 | (13.4 | ) | 9.7 | (5.8 | ) | |||||||||||||||
F) Earnings (loss) before income taxes, extraordinary items, accounting changes and fixed charges | $ | 1,180.8 | $ | 997.7 | $ | 1,238.6 | $ | 1,077.9 | $ | 3,924.5 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||
G) Interest and amortization of debt expense | $ | 795.9 | $ | 801.8 | $ | 780.3 | $ | 680.8 | $ | 651.4 | ||||||||||||
H) Interest factor attributable to rentals | 76.8 | 74.9 | 63.9 | 61.2 | 60.2 | |||||||||||||||||
I) Preferred dividends of subsidiaries | 115.0 | 67.1 | 15.5 | 10.0 | 12.9 | |||||||||||||||||
J) Capitalized interest | 11.9 | 8.0 | 9.7 | 13.7 | 20.7 | |||||||||||||||||
K) Total fixed charges | $ | 999.6 | $ | 951.8 | $ | 869.4 | $ | 765.7 | $ | 745.2 | ||||||||||||
L) Ratio of earnings to fixed charges | 1.18 | 1.05 | 1.42 | 1.41 | 5.27 |
Note: Dividends on International Paper’s preferred stock are insignificant. As a result, for all periods presented, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges.