RATIO OF EARNINGS TO FIXED CHARGES | EXHIBIT 12 |
Three months ended | Six months ended June 30, | |||||||||||
( in thousands ) | 2004 | 2003 | 2004 | 2003 | ||||||||
EARNINGS AS DEFINED: | ||||||||||||
Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates | $ | 151,185 | $ | 122,080 | $ | 282,112 | $ | 213,096 | ||||
Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies | 10,409 | 9,482 | 19,920 | 19,110 | ||||||||
Earnings as defined | $ | 161,594 | $ | 131,562 | $ | 302,032 | $ | 232,206 | ||||
FIXED CHARGES AS DEFINED: | ||||||||||||
Interest expense, including amortization of debt issue costs | $ | 8,272 | $ | 7,832 | $ | 15,667 | $ | 15,835 | ||||
Interest capitalized | 251 | 89 | 516 | 164 | ||||||||
Portion of rental expense representative of the interest factor | 2,137 | 1,650 | 4,253 | 3,275 | ||||||||
Preferred stock dividends of majority-owned subsidiary companies | 20 | 20 | 40 | 40 | ||||||||
Fixed charges as defined | $ | 10,680 | $ | 9,591 | $ | 20,476 | $ | 19,314 | ||||
RATIO OF EARNINGS TO FIXED CHARGES | 15.13 | 13.72 | 14.75 | 12.02 | ||||||||
E - 2