Exhibit 12
Nine Months Ended September 30,
---------------------------------------
1999 1998 (2)
--------------- ----------------
Income from continuing operations before
income taxes $ 225.4 $ 199.7
Plus: Fixed charges 114.6 131.9
--------------- ----------------
Earnings available to cover fixed charges $ 340.0 $ 331.6
=============== ================
Fixed charges (1):
Interest, including amortization of deferred
financing costs $ 107.2 $ 126.1
Interest portion of rental payment 7.4 5.8
--------------- ----------------
Total fixed charges $ 114.6 $ 131.9
=============== ================
Ratio of earnings to fixed charges 2.97x 2.51x
(1) Fixed charges consist of interest expense on all indebtedness (including
amortization of deferred financing costs) and the portion of operating
lease rental expense that is representative of the interest factor
(deemed to be one-third of operating lease rentals). The substantial
portion of interest expense incurred on debt is used to finance the
Company's mortgage services and relocation services activities.
(2) For the nine months ended September 30, 1998, income from continuing
operations before income taxes includes non-recurring merger-related
costs and other unusual charges of $9.1 million. Excluding such charges,
the ratio of earnings to fixed charges is 2.58x.