EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, 1999 1998 1997 -------- -------- -------- (Thousands of Dollars) Income before income taxes, extraordinary item and cumulative effect of accounting changes $ 98,991 $185,350 $266,592 Amortization of capitalized interest 2,432 2,437 2,213 Interest expense 27,225 26,502 21,432 Interest portion of rental expense 3,401 3,260 3,267 Earnings $132,049 $217,549 $293,504 ======== ======== ======== Interest $30,877 $31,265 $23,608 Interest portion of rental expense 3,401 3,260 3,267 -------- -------- -------- Fixed Charges $34,278 $34,525 $26,875 ======== ======== ======== Ratio of Earnings to Fixed Charges 3.85 6.30 10.92 ======== ======== ========