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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Income from continuing operations before income taxes | $ | 89,717 | $ | 90,022 | $ | 157,703 | $ | 171,282 | ||||||||
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt | — | 128 | — | 816 | ||||||||||||
Amortization of capitalized interest | 266 | 307 | 578 | 608 | ||||||||||||
Interest expense | 10,080 | 12,718 | 19,724 | 25,783 | ||||||||||||
Interest portion of rental expense | 1,536 | 1,083 | 3,071 | 2,097 | ||||||||||||
Earnings | $ | 101,599 | $ | 104,258 | $ | 181,076 | $ | 200,586 | ||||||||
Interest | $ | 10,823 | $ | 13,658 | $ | 22,433 | $ | 26,924 | ||||||||
Interest portion of rental expense | 1,536 | 1,083 | 3,071 | 2,097 | ||||||||||||
Interest expense relating to guaranteed debt of 50%-or-less-owned affiliates | — | — | — | — | ||||||||||||
Fixed Charges | $ | 12,359 | $ | 14,741 | $ | 25,504 | $ | 29,021 | ||||||||
Ratio of Earnings to Fixed Charges | 8.22 | 7.07 | 7.10 | 6.91 | ||||||||||||