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EXHIBIT 12.3
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, 1994
(Dollars in thousands)
Historical Adjustments(1) Pro forma
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Net pretax income................................... $211,983 $(6,864) $205,119
Fixed Charges
Interest expense.................................. 28,721 6,864 35,585
Capitalized debt cost............................. 1,452 1,452
Interest portion of rent charges.................. 3,170 3,170
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Total fixed charges...................... 33,343 6,864 40,207
Less: Capitalized interest, net................... 1,464 1,464
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31,879 6,864 38,743
Earnings before fixed charges....................... 243,862 243,862
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Ratio of earnings to fixed charges.................. 7.31 6.07
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(1) The pro forma adjustments give effect to increased interest expense, as
if such transactions had taken place January 1, 1994 as a result of the
issuance of $75 million of the Senior Notes due 2007 at a pro forma annual
interest rate of 8.50% and $125 million of Senior Notes due 2005 at a pro
forma annual interest rate of 8.375% and the application of proceeds to
reduce the Company's debt under its $350 million revolver and uncommitted
and unsecured lines of credit.