EXHIBIT 12 STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ---------------------------------- For The Year Ended December 31, ------------------------------- 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- (In thousands, except ratio data) Earnings available to fixed charges: Income before income taxes $480,799 $424,634 $370,785 $329,292 $275,556 Fixed charges - Interest expense 73,621 56,989 49,812 29,970 19,062 Portion of rent determined to be interest (1) 16,633 14,855 12,634 10,494 8,580 Minority interest in income of subsidiary trust 1,458 Eliminate equity in earnings (5,831) (6,364) (5,993) (5,661) (3,811) -------- -------- -------- -------- -------- $566,680 $490,114 $427,238 $364,095 $299,387 ======== ======== ======== ======== ======== Fixed charges: Interest expense $ 73,621 $ 56,989 $ 49,812 $ 29,970 $ 19,062 Portion of rent determined to be interest (1) 16,633 14,855 12,634 10,494 8,580 Minority interest in income of subsidiary trust 1,458 - -------- --------- --------- --------- --------- $ 91,712 $ 71,844 $ 62,446 $ 40,464 $ 27,642 ======== ========= ========= ========= ========= Ratio of earnings to fixed charges 6.18 6.82 6.84 9.00 10.83 ======== ========= ========= ========= ========= (1) A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and long-term leases.