EXHIBIT 12
FLUOR CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
Six Months
Year Ended Ended
Year Ended October 31, December 31, June 30,
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1997 1998 1999 2000 2001 2002
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Earnings from continuing operations
before income taxes .......... $ 98,963 $ 193,838 $ 88,674 $ 164,287 $ 185,320 $120,571
Add (subtract)
Equity in earnings from less
than 50% owned persons, net
of distributions .......... (1,103) (8,090) (5,776) 220 6,408 6,494
Fixed charges ................ 37,796 41,295 44,631 53,090 50,502 17,639
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Total ........................ $ 135,656 $ 227,043 $ 127,529 $ 217,597 $ 242,230 $144,704
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Fixed charges
Interest expense ............. $ 10,187 $ 13,120 $ 18,972 $ 26,315 $ 25,011 $ 4,647
Portion of rental expense
representative of interest
factor .................... 27,609 28,175 25,659 26,775 25,491 12,992
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Total fixed charges (1) ....... $ 37,796 $ 41,295 $ 44,631 $ 53,090 $ 50,502 $ 17,639
========= ========= ========= ========= ========= =======
Ratio of earnings to fixed
charges (1) ................... 3.59 5.50 2.86 4.10 4.80 8.20
========= ========= ========= ========= ========= =======
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(1) For purposes of computing the ratio of earnings to fixed charges,
"earnings" consist of earnings from continuing operations before
provision for income taxes plus fixed charges less equity in earnings
from less than 50% owned persons, net of distributions. "Fixed charges"
consist of interest and approximately one-third of rental expense.