EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Income from continuing operations before tax | $ | (11,785 | ) | $ | 193,092 | $ | (55,840 | ) | $ | 435,760 | ||||||
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt | 491 | (302 | ) | 1,764 | (1,611 | ) | ||||||||||
Amortization of capitalized interest | 1,202 | 472 | 2,525 | 1,363 | ||||||||||||
Interest expense | 10,319 | 11,003 | 27,188 | 33,375 | ||||||||||||
Interest portion of rental expense | 2,319 | 1,855 | 6,660 | 5,507 | ||||||||||||
Earnings | $ | 2,546 | $ | 206,120 | $ | (17,703 | ) | $ | 474,394 | |||||||
Interest | $ | 10,581 | $ | 11,632 | $ | 28,656 | $ | 35,851 | ||||||||
Interest portion of rental expense | 2,319 | 1,855 | 6,660 | 5,507 | ||||||||||||
Interest expense relating to guaranteed debt of 50%-or-less-owned affiliates | — | — | — | — | ||||||||||||
Fixed Charges | $ | 12,900 | $ | 13,487 | $ | 35,316 | $ | 41,358 | ||||||||
Ratio of Earnings to Fixed Charges | 0.20 | 15.28 | (0.50 | ) | 11.47 | |||||||||||