EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended Three Months Ended Sept. 30 Sept. 30 Sept. 30 Sept. 30 2001 2000 2001 2000 -------- -------- -------- -------- (Thousands of Dollars, except ratio amounts) (Loss) Income before income taxes, extraordinary item and cumulative effect of accounting changes $(35,526) $73,714 $(30,851) $9,438 Amortization of capitalized interest 2,010 1,836 697 616 Interest expense 25,813 22,774 8,432 8,081 Interest portion of rental expense 1,610 1,896 464 648
-------- -------- -------- -------- Earnings $(6,093) $100,220 $(21,258) $18,783 ======== ======== ======== ========
Interest $26,347 $23,958 $8,571 $8,462 Interest portion of rental expense 1,610 1,896 464 648 -------- -------- -------- -------- Fixed Charges $27,957 $25,854 $9,035 $9,110 ======== ======== ======== ========
Ratio of Earnings to Fixed Charges - 3.88 - 2.06 ======== ======== ======== ========
The results of operations for the nine months ended September 30, 2001 are inadequate to cover total fixed charges as defined. The coverage deficiency for the nine months ended September 30, 2001 is $34,050.
The results of operations for the three months ended September 30, 2001 are inadequate to cover total fixed charges as defined. The coverage deficiency for the three months ended September 30, 2001 is $30,293.