4 Exhibit 12 Statement of Computation of Ratio of Earnings to Fixed Charges Three Months Ended March 31, ------------ Year Ended December 31,--------- 1994 1993 1992 1991 1990 1989 Computation of Earnings Pretax income from continuing operations $53.8 $279.8 $254.7 $208.8 $178.7 $148.4 Adjustments to earnings: Plus: Distributed income of less than 50% owned affiliates 4.8 7.1 4.6 3.3 0.0 0.0 Less: Minority interest in net income of majority- owned subsidiaries -0.3 1.5 -1.7 -3.1 -0.3 -0.3 Plus: Portion of rental expense representative of interest expense 0.0 0.0 0.6 2.0 1.6 0.0 Plus: Interest incurred less interest capitalized 21.6 89.8 77.4 76.6 59.9 11.9 Computation of Fixed Charges Interest incurred $21.6 $ 89.5 $ 77.4 $ 76.6 $ 59.9 $ 11.9 Amortization of debt expenses and discount or premium relating to indebtedness 0.0 0.3 0.0 0.0 0.0 0.0 Portion of rental expenses representative of interest expense 0.0 0.0 0.5 2.0 1.6 0.0 Fixed Charges $21.6 $ 89.8 $ 77.9 $ 78.6 $ 61.5 $ 11.9 Ratio of earnings to fixed charges 3.7X 4.2X 4.3X 3.7X 3.9X 13.5X