EXHIBIT 12
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(DOLLARS IN MILLIONS)
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPT. 30,
---------------------------------------- -----------------
1991 1992 1993 1994 1995 1995 1996
------- ------- ------ ------ ------ -------- --------
Pretax Income........... $(256.6) $(542.6) $(42.7) $152.0 $281.5 $ 224.5 $ 188.9
Interest expense........ 40.8 46.4 58.1 48.2 35.6 26.6 28.4
Interest factor in rent
expense................ 0.9 1.2 0.8 0.8 1.1 0.6 0.7
Distributed income of
less than 50% owned
affiliates............. 0.0 0.1 (2.2) (2.3) 0.0 0.0 0.0
------- ------- ------ ------ ------ -------- --------
Total earnings.......... (214.9) (494.9) 14.0 198.7 318.2 251.7 218.0
Total combined fixed
charges................ $ 48.8 $ 51.1 $ 60.1 $ 55.6 $ 57.4 $ 43.8 $ 44.1
Ratio of earnings to
combined fixed
charges................ 3.6 5.5 5.7 4.9
Deficiency of earnings
to fixed charges....... $(263.7) $(546.0) $(46.1)
Combined fixed charges:
Preferred dividends... n/a n/a n/a 4.0 16.0 12.7 13.9
Interest expense...... 40.8 46.4 58.1 48.2 35.6 26.6 28.4
Capitalized interest
credit............... 7.1 3.5 1.2 2.6 4.7 3.9 1.1
Interest factor in
rent expense......... 0.9 1.2 0.8 0.8 1.1 0.6 0.7
------- ------- ------ ------ ------ -------- --------
Total combined fixed
charges............... 48.8 51.1 60.1 55.6 57.4 43.8 44.1