EXHIBIT 12
Exhibit
Computation of Ratio of Earnings to Fixed Charges
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(Dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30, Years Ended December 31,
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1995 1994 1995 1994 1994 1993 1992 1991 1990
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Income before income
taxes................ $ 55,498 $52,973 $107,963 $103,510 $218,913 $189,960 $185,704 $148,746 $131,582
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Fixed charges:
Interest on debt.... 50,918 36,806 99,467 70,130 151,239 137,372 146,594 167,236 164,699
1/3 rental expense.. 373 350 765 697 1,463 1,575 1,491 1,389 1,321
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Total fixed charges... 51,291 37,156 100,232 70,827 152,702 138,947 148,085 168,625 166,020
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Total................. $106,789 $90,129 $208,195 $174,337 $371,615 $328,907 $333,789 $317,371 $297,602
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Ratio of earnings to
fixed charges(1)..... 2.08x 2.43x 2.08x 2.46x 2.43x 2.37x 2.25x 1.88x 1.79x
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(1) The ratio of earnings to fixed charges is computed by dividing income before
income taxes and fixed charges by fixed charges. Fixed charges consist of
interest on debt and one-third rental expense as representative of the
interest portion of rentals.