RATIO OF EARNINGS TO FIXED CHARGES                                                                               EXHIBIT 12.2

( in thousands )                                                                                        Three months ended          
                                                                                                             March 31,     
                                                                                                        1996             1995
                                                                                                                               
                                                                                                                   
EARNINGS AS DEFINED:                                                                                                           
Earnings from operations before income taxes after                                                                             
     eliminating undistributed earnings of 20%- to                                                                             
     50%-owned affiliates                                                                           $   36,369       $   42,634
Fixed charges excluding capitalized interest and                                                                               
     preferred stock dividends of majority-owned                                                                               
     subsidiary companies                                                                                2,230            4,293
                                                                                                                               
Earnings as defined                                                                                 $   38,599       $   46,927
                                                                                                                               
FIXED CHARGES AS DEFINED:                                                                                                      
Interest expense, including amortization of                                                                                    
     debt issue costs                                                                               $    1,413       $    3,353
Interest capitalized                                                                                       183               33
Portion of rental expense representative                                                                                       
     of the interest factor                                                                                817              940
Preferred stock dividends of majority-owned                                                                                    
     subsidiary companies                                                                                   20               20
                                                                                                                               
Fixed charges as defined                                                                            $    2,433       $    4,346
                                                                                                                               
RATIO OF EARNINGS TO FIXED CHARGES                                                                       15.86            10.80