Exhibit 12
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(Dollars in millions)
1997 1996 1995 1994 1993
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Profit before tax $ 97.9 $ 64.1 $ 29.4 $ 38.8 $ 56.8
Income (Loss) of 50% owned
subsidiaries 2.9 1.3 (0.8) 0.3 2.0
Dividends received from less
than 50% owned subsidiaries 1.2 2.7 2.6 1.6 1.3
Interest expense 42.6 45.4 44.9 44.9 37.4
25% of rent expense 4.1 3.9 3.9 3.2 3.2
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Total fixed charges 46.7 49.3 48.8 48.1 40.6
Pre-tax earnings required to
cover preferred dividends -- -- -- -- --
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Total fixed charges and
preferred dividends 46.7 49.3 48.8 48.1 40.6
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Earnings before income taxes and
fixed charges $ 148.5 $ 117.1 $ 79.5 $ 88.8 $ 100.7
===== ===== ===== ===== =====
Ratio of earnings to fixed
charges 3.2 2.4 1.6 1.8 2.5
Ratio of earnings to fixed
charges and preferred dividends
3.2 2.4 1.6 1.8 2.5
<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, capital securities
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 1997, 1996, 1995 and 1994 were 3.3, 2.5, 1.9 and
2.4, respectively.