Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FOR THE YEAR ENDED DECEMBER 31 (in millions, except ratios) 1994 1993 1992 1991 1990 ---- ---- ---- ---- ---- Earnings: Income before taxes on income, and before extraordinary loss and accounting changes $822.5 $191.1 $298.6 $411.5 $1,057.4 Minority interests' share of earnings of majority-owned subsidiaries without fixed charges - (5.9) (5.7) (7.7) - Less equity (earnings) losses (.3) 13.0 12.2 5.2 3.0 Fixed charges added to net income 138.4 110.1 133.5 193.1 217.8 Proportionate share of income (loss) of 50% owned persons 1.9 (11.5) (11.2) (.5) (7.4) Distributed income of less than 50% owned persons - - - 4.6 - Amortization of capitalized interest: Consolidated 25.5 20.6 20.0 19.6 18.5 Proportionate share of 50% owned persons 1.2 .8 1.0 .4 .9 ------ ------ ----- ------ -------- Total earnings $989.2 $318.2 $448.4 $626.2 $1,290.2 ===== ===== ===== ===== ======= Fixed charges: Interest expense: Consolidated $106.7 $ 87.8 $105.4 $153.2 $ 184.7 Proportionate share of 50% owned persons 7.4 5.5 7.0 17.8 9.7 ------ ------ ------ ------ -------- 114.1 93.3 112.4 171.0 194.4 ------ ------ ------ ------ -------- Amount representative of the interest factor in rents: Consolidated 23.9 16.4 20.7 21.3 23.1 Proportionate share of 50% owned persons .4 .4 .4 .8 .3 ------ ------ ------ ------ -------- 24.3 16.8 21.1 22.1 23.4 ------ ------ ------ ------ -------- Fixed charges added to earnings 138.4 110.1 133.5 193.1 217.8 ------ ------ ------ ------ -------- Interest capitalized: Consolidated 1.5 3.5 11.1 12.7 20.5 Proportionate share of 50% owned persons - - - - - ------ ------ ------ ------ -------- 1.5 3.5 11.1 12.7 20.5 ------ ------ ------ ------ -------- Preferred stock dividend requirements of majority-owned subsidiaries 13.1 29.6 62.4 69.0 65.1 ------ ------ ------ ------ -------- Total fixed charges $153.0 $143.2 $207.0 $274.8 $ 303.4 ====== ====== ====== ====== ======== Ratio of earnings to fixed charges 6.47 2.22 2.17 2.28 4.25 ====== ====== ====== ====== ======== 28