Exhibit 12


            RATIO OF EARNINGS TO FIXED CHARGES

     The following table sets forth the Company's ratio of earnings to fixed 
charges for periods indicated:




                                                      Year Ended December 31,
                                                      -----------------------
                                                  1996   1995   1994   1993   1992
                                                  ----   ----   ----   ----   ----
                                                               
Ratio of Earnings to Fixed Charges                7.47   8.70   9.73   9.89   7.78



    For purposes of computing the ratio of earnings to fixed charges, earnings 
are defined as earnings before income taxes plus fixed charges. Fixed charges 
consist of interest expense (including capitalized interest) and the portion 
of rental expense that is representative of the interest factor (deemed to be 
one-third of minimum operating lease rentals). The earnings to fixed charges 
calculation reflects the Company's proportionate share of income, expense and 
fixed charges attributable to the Company's investment in majority-owned 
unconsolidated subsidiaries and joint ventures.