COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 ( in thousands ) Years ended December 31, 1997 1996 1995 EARNINGS AS DEFINED: Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates $ 286,135 $ 221,565 $ 179,127 Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies 22,618 13,050 15,652 Earnings as defined $ 308,753 $ 234,615 $ 194,779 FIXED CHARGES AS DEFINED: Interest expense, including amortization of debt issue costs $ 18,543 $ 9,629 $ 11,223 Interest capitalized 1,193 749 447 Portion of rental expense representative of the interest factor 4,075 3,421 4,429 Preferred stock dividends of majority-owned subsidiary companies 80 80 80 Fixed charges as defined $ 23,891 $ 13,879 $ 16,179 RATIO OF EARNINGS TO FIXED CHARGES 12.92 16.90 12.04