EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
(Dollars in thousands, except ratio amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Income before income taxes | $ | 69,011 | $ | 48,698 | $ | 270,132 | $ | 241,261 | ||||||||
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt | 536 | 1,339 | 1,352 | 3,673 | ||||||||||||
Amortization of capitalized interest | 331 | 322 | 981 | 966 | ||||||||||||
Interest expense | 11,704 | 12,842 | 37,487 | 39,376 | ||||||||||||
Interest portion of rental expense | 1,379 | 776 | 3,105 | 2,167 | ||||||||||||
Earnings | $ | 82,961 | $ | 63,977 | $ | 313,057 | $ | 287,443 | ||||||||
Interest | $ | 12,775 | $ | 13,064 | $ | 39,700 | $ | 39,839 | ||||||||
Interest portion of rental expense | 1,379 | 776 | 3,105 | 2,167 | ||||||||||||
Fixed Charges | $ | 14,154 | $ | 13,840 | $ | 42,805 | $ | 42,006 | ||||||||
Ratio of Earnings to Fixed Charges | 5.86 | 4.62 | 7.31 | 6.84 | ||||||||||||