EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Three months ended | Six months ended June 30, | ||||||||||
| 2005 | 2004 | 2005 | 2004 | |||||||||
EARNINGS AS DEFINED: | ||||||||||||
Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates | $ | 181,392 | $ | 151,185 | $ | 307,048 | $ | 282,112 | ||||
Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies | 9,725 | 10,409 | 19,308 | 19,920 | ||||||||
Earnings as defined | $ | 191,117 | $ | 161,594 | $ | 326,356 | $ | 302,032 | ||||
FIXED CHARGES AS DEFINED: | ||||||||||||
Interest expense, including amortization of debt issue costs | $ | 7,559 | $ | 8,272 | $ | 14,931 | $ | 15,667 | ||||
Interest capitalized | 251 | 516 | ||||||||||
Portion of rental expense representative of the interest factor | 2,166 | 2,137 | 4,377 | 4,253 | ||||||||
Preferred stock dividends of majority-owned subsidiary companies | 20 | 20 | 40 | 40 | ||||||||
Fixed charges as defined | $ | 9,745 | $ | 10,680 | $ | 19,348 | $ | 20,476 | ||||
RATIO OF EARNINGS TO FIXED CHARGES | 19.61 | 15.13 | 16.87 | 14.75 | ||||||||