EXHIBIT 12 STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, ------------------------ 1999 1998 1997 1996 1995 ---- ---- ---- ---- ---- (In thousands, except ratio data) Earnings available to fixed charges: Income before income taxes $230,939 $816,973 $544,590 $673,312 $472,786 Fixed charges - Interest expense 100,021 100,514 114,357 84,822 65,125 Portion of rent determined to be interest(A) 30,319 26,287 23,343 17,561 15,340 Minority interest in income of subsidiary trust 26,771 26,692 1,528 0 0 (8,118) (7,127) (5,831) (6,364) (5,993) Equity in earnings elimination ---------- ---------- ---------- --------- --------- $379,932 $963,339 $677,987 $769,331 $547,258 ========== ========== ========== ========= ========= Fixed charges: Interest expense $100,021 $100,514 $114,357 $ 84,822 $ 65,125 Portion of rent determined to be interest(A) 30,319 26,287 23,343 17,561 15,340 Minority interest in income of 26,771 26,692 1,528 0 0 subsidiary trust ---------- ---------- ---------- --------- --------- $157,111 $153,493 $139,228 $102,383 $ 80,465 ========== ========== ========== ========= ========= 2.42 6.28 4.87 7.51 6.80 Ratio of earnings to fixed charges ========== ========== ========== ========= ========= Note A - A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and long-term leases. -90-