EXHIBIT 12.2
WCI
RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
NINE MONTHS
ENDED
SEPTEMBER 30, YEARS ENDED DECEMBER 31,
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1998 1997 1997 1996 1995 1994 1993
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Earnings:
Income before income taxes and
extraordinary items..................... $ 387 $ 423 $1,026 $ 445 $ 427 $ 305 $ 436
Interest expense........................... 14 17 23 34 88 222 86
Portion of rents representative of an
interest factor......................... 14 13 17 16 21 18 17
Adjustment for partially-owned subsidiaries
and 50%-owned companies................. 673 658 898 685 736 721 751
Undistributed (earnings) losses of less
than 50%-owned companies................ 5 6 (7) 13 29 (1) 11
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Total earnings........................ $1,093 $1,117 $1,957 $1,193 $1,301 $1,265 $1,301
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Fixed Charges:
Interest expense........................... $ 14 $ 17 $ 23 $ 34 $ 88 $ 222 $ 86
Portion of rents representative of an
interest factor......................... 14 13 17 16 21 18 17
Adjustment for partially-owned subsidiaries
and 50%-owned companies................. 466 435 589 574 662 639 641
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Total fixed charges................... $ 494 $ 465 $ 629 $ 624 $ 771 $ 879 $ 744
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Ratio of earnings to fixed charges........... 2.2x 2.4x 3.1x 1.9x 1.7x 1.4x 1.7x
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