EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
( in thousands ) | 2005 | 2004 | 2005 | 2004 | ||||||||
EARNINGS AS DEFINED: | ||||||||||||
Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates | $ | 111,733 | $ | 101,107 | $ | 416,641 | $ | 383,374 | ||||
Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies | 14,412 | 9,096 | 33,720 | 29,016 | ||||||||
Earnings as defined | $ | 126,145 | $ | 110,203 | $ | 450,361 | $ | 412,390 | ||||
FIXED CHARGES AS DEFINED: | ||||||||||||
Interest expense, including amortization of debt issue costs | $ | 12,136 | $ | 7,149 | $ | 27,067 | $ | 22,816 | ||||
Interest capitalized | 84 | 600 | ||||||||||
Portion of rental expense representative of the interest factor | 2,276 | 1,947 | 6,653 | 6,200 | ||||||||
Preferred stock dividends of majority-owned subsidiary companies | 20 | 20 | 60 | 60 | ||||||||
Fixed charges as defined | $ | 14,432 | $ | 9,200 | $ | 33,780 | $ | 29,676 | ||||
RATIO OF EARNINGS TO FIXED CHARGES | 8.74 | 11.98 | 13.33 | 13.90 | ||||||||