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EXHIBIT 12.01
STATEMENT RE: COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(MILLIONS OF DOLLARS)
NINE
MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30
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1991 1992 1993 1994 1995 1995 1996
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HISTORICAL INFORMATION
Earnings:
Income from Continuing Operations
before Income Taxes $(0.1) $ 1.0 $(45.7) $14.7 $104.6 $ 93.2 $43.7
Interest Expense (Excluding Amounts
Capitalized) 74.1 59.6 54.6 56.0 49.8 38.1 32.3
Amortization of Previously
Capitalized Interest Expense 0.2 0.2 0.2 0.3 0.4 0.3 0.3
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Total Earnings $74.2 $60.8 $ 9.1 $71.0 $154.8 $131.6 $76.3
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Fixed Charges:
Interest Expense (Excluding Amounts
Capitalized) 74.1 59.6 54.6 56.0 49.8 38.1 32.3
Capitalized Interest 0.3 0.4 0.4 1.2 1.5 1.2 0.4
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Total Fixed Charges
Including Capitalized Interest 74.4 60.0 55.0 57.2 51.3 39.3 32.7
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Ratio of Earnings to Fixed Charges 1.0x 1.0x 0.2x 1.2x 3.0x 3.3x 2.3x
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2
STATEMENT RE: COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(MILLIONS OF DOLLARS)
NINE
YEAR ENDED MONTHS ENDED
DECEMBER 31, SEPTEMBER 30,
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1995 1996
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PRO FORMA INFORMATION
Earnings:
Income from Continuing Operations before
Income Taxes $121.6 $55.5
Interest Expense (Excluding Amounts
Capitalized) 32.8 20.5
Amortization of Previously Capitalized
Interest Expense 0.4 0.3
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Total Earnings $154.8 $76.3
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Fixed Charges:
Interest Expense (Excluding Amounts
Capitalized) 32.8 20.5
Capitalized Interest 1.5 0.4
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Total Fixed Charges Including
Capitalized Interest 34.3 20.9
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Ratio of Earnings to Fixed Charges 4.5x 3.7x
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