STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1
Six Months ended
June 30,
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1995 1994 1994 1993 1992 1991 1990
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Computation of Earnings:
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Pretax income from continuing operations 137.0 144.6 182.7 279.8 254.7 208.8 178.7
Adjustments to income:
Add: Distributed income
from less than 50%
owned companies 3.8 4.8 7.3 7.1 4.6 3.3 0.0
Add: Portion of rent expense
representative of
interest expense 0.0 0.0 0.0 0.0 .6 2.0 1.6
Add: Interest incurred
net of amounts capitalized 73.5 43.7 98.8 89.5 77.4 76.6 59.9
Add: Amortization of
interest previously capitalized .6 0.0 .6 0.0 0.0 0.0 0.0
Add: Amortization of
debt issue costs and discount
or premium on indebtedness .4 .2 .5 .3 0.0 0.0 0.0
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Earnings 215.3 193.3 289.9 376.7 337.3 290.7 240.2
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Computation of Fixed Charges:
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Interest incurred 76.5 46.9 104.4 89.5 77.4 76.6 59.9
Amortization of debt issue costs
and discount or premium
on indebtedness .4 .2 .5 .3 0.0 0.0 0.0
Portion of rental expense
representative of interest 0.0 0.0 0.0 0.0 .6 2.0 1.6
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Fixed Charges 76.9 47.1 104.9 89.8 78.0 78.6 61.5
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Ratio of Earnings to Fixed Charges 2.8x 4.1x 2.8x 4.2x 4.3x 3.7x 3.9x
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