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EXHIBIT (12)(b) COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
($ in millions) (unaudited)
Three Months Ended Year Ended
March 31 December 31
1995 1994 1994
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Income (loss) before income taxes
and minority interest $ 27 $ 57 $ 157
Less: Equity in income (loss) of 50 percent
or less owned affiliates - (1) (5)
Add: Fixed charges excluding capitalized interest 105 77 369
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Earnings as adjusted $ 132 $ 135 $ 531
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Combined fixed charges and preferred dividends:
Interest expense $ 58 $ 47 $ 177
Rental expense 8 9 35
Capitalized interest - - -
Pre-tax earnings required to cover
preferred dividend requirements (a) 39 21 157
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Total combined fixed charges and preferred dividends $ 105 $ 77 $ 369
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Ratio of earnings to combined fixed charges
and preferred dividends 1.26x 1.75x 1.44x
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(a) Dividend requirement divided by 100% minus effective income tax rate.
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