EXHIBIT 12.2
WCI
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended December 31,
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1999 1998 1997 1996 1995
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Earnings:
Income before income taxes and extraordinary items................$2,046 $ 479 $1,026 $ 445 $ 427
Interest expense.................................................. 24 23 23 34 88
Portion of rents representative of an interest factor............. 16 20 17 16 21
Adjustment for partially owned subsidiaries and 50% owned
companies....................................................... 1,767 817 898 685 736
Undistributed (earnings) losses of less than 50% owned
companies....................................................... (40) 13 (7) 13 29
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Total earnings................................................$3,813 $1,352 $1,957 $1,193 $1,301
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Fixed charges:
Interest expense..................................................$ 24 $ 23 $ 23 $ 34 $ 88
Portion of rents representative of an interest factor............. 16 20 17 16 21
Adjustment for partially owned subsidiaries and 50% owned
companies....................................................... 582 638 589 574 662
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Total fixed charges...........................................$ 622 $ 681 $ 629 $ 624 $ 771
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Ratio of earnings to fixed charges..................................... 6.1x 2.0x 3.1x 1.9x 1.7x
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