Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)
1998 1997 1996 1995 1994
------ ------ ------- -------- ------
Income (Loss) from Continuing
Operations $154.9 $ 5.1 $ 120.7 $(150.1) $ 69.3
Taxes on Income (Loss) and Tax Benefit
of Dividends on Preferred Securities
of Subsidiary Grantor Trust of $4.0
in 1998 and $0.4 in 1997 94.6 30.9 76.2 96.6 45.0
Fixed Charges (1) 130.3 68.0 53.1 52.8 47.3
------ ------ ------ ------- ------
Earnings Available For Fixed Charges $379.8 $104.0 $250.0 $ (0.7) $161.6
====== ====== ====== ======= ======
Fixed Charges (1) $130.3 $ 68.0 $ 53.1 $ 52.8 $ 47.3
Preferred Stock Dividends - - - 5.0 10.2
------ ------ ------ ------- ------
Combined Fixed Charges and
Preferred Stock Dividends $130.3 $ 68.0 $ 53.1 $ 57.8 $ 57.5
====== ====== ====== ======= ======
Ratio of Earnings to Fixed Charges 2.91x 1.53x 4.71x (0.01)x 3.42x
====== ====== ====== ======= ======
Ratio of Earnings to Combined Fixed
Charges and Preferred Stock
Dividends 2.91x 1.53x 4.71x (0.01)x 2.81x
====== ====== ====== ======= ======
(1) Fixed charges consist of interest expense, the portion of rental expense
under operating leases deemed by the Company to be representative of the
interest factor and dividends on preferred securities of a subsidiary
grantor trust.
(2) Earnings were inadequate to cover fixed charges by $53.5 million and
combined fixed charges and preferred stock dividends by $58.5 million in
fiscal 1995.