Exhibit 12.2
TWE GENERAL PARTNERS
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended December 31,
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2001 2000 1999 1998 1997
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Historical Historical Historical Historical Historical
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WCI
Earnings:
Income (loss) before income taxes and cumulative effect
of accounting charge $(2,633) $ 536 $ 2,046 $ 479 $ 1,026
Interest expense 34 10 24 23 23
Capitalized interest - - - - -
Amortization of capitalized interest - - - - -
Portion of rents representative of an interest factor 21 19 16 20 17
Preferred stock dividend requirements of majority-owned
subsidiaries - - - - -
Adjustment for partially owned subsidiaries and 50%
owned companies 156 1,110 1,767 817 898
Undistributed (earnings) losses of less than 50% owned
companies 337 22 (40) 13 (7)
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Total earnings $(2,085) $ 1,697 $ 3,813 $ 1,352 $ 1,957
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Fixed charges:
Interest expense $ 34 $ 10 $ 24 $ 23 $ 23
Capitalized interest - - - - -
Portion of rents representative of an interest factor 21 19 16 20 17
Preferred stock dividend requirements of majority-owned
subsidiaries - - - - -
Adjustment for partially owned subsidiaries and 50% owned
companies 657 741 582 638 589
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Total fixed charges $ 712 $ 770 $ 622 $ 681 $ 629
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Ratio of earnings to fixed charges (deficiency in the coverage
of fixed charges by earnings before fixed charges) $(2,797) 2.2 6.1 2.0 3.1
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