Exhibit 12
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(Dollars in millions)
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Profit before tax $ 64.1 $ 29.4 $ 38.8 $ 56.8 $ 50.2
Income (Loss) of 50% owned
subsidiaries 1.3 (0.8) 0.3 2.0 3.1
Dividends received from less
than 50% owned subsidiaries 2.7 2.6 1.6 1.3 2.4
Interest expense 45.4 44.9 44.9 37.4 38.6
25% of rent expense 3.9 3.9 3.2 3.2 2.7
------ ------ ------ ------ ------
Total fixed charges 49.3 48.8 48.1 40.6 41.3
Pre-tax earnings required to
cover preferred dividends 0.0 0.0 0.0 0.0 10.2
------ ------ ------ ------ ------
Total fixed charges and
preferred dividends 49.3 48.8 48.1 40.6 51.5
====== ====== ====== ====== ======
Earnings before income taxes
and fixed charges $ 117.1 $ 79.5 $ 88.8 $ 100.7 $ 97.0
====== ====== ====== ====== ======
Ratio of earnings to fixed
charges 2.4 to 1 1.6 to 1 1.8 to 1 2.5 to 1 2.3 to 1
Ratio of earnings to fixed
charges and preferred dividends 2.4 to 1 1.6 to 1 1.8 to 1 2.5 to 1 1.9 to 1
<FN>
Note 1: For purposes of calculating the ratio of earnings to fixed
charges, "earnings" consist of earnings from continuing
operations before income taxes, adjusted for the portion of fixed
charges deducted from such earnings. "Fixed charges" consist of
interest on all indebtedness (including capital lease obligations
and capitalized interest), amortization of debt expense and the
percentage of rental expense on operating leases deemed
representative of the interest factor.
Note 2: The ratios of earnings to fixed charges, before the restructuring
and special charges, for 1995 and 1994 were 1.9 to 1 and 2.4 to
1, respectively.
Note 3: The above computations do not include any fixed charges related
to the Company's guarantee of debt for Calspan SRL Corporation.
The debt guarantee was $18.0 million at December 29, 1996 and
$21.7 million at December 31, 1995.