Exhibit 12.1
Exhibit 12.2
CALCULATION OF THE RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Three Months Ended Year Ended
March 31 December 31
(Amounts in Millions) (Amounts in Millions)
1995 1996 1991 1992 1993 1994 1995
Earnings (Loss) from continuing businesses $41.3 $54.5 $82.8 ($66.3) $66.6 $265.8 $8.2
before income taxes ----------------- -----------------------------------------------------
Fixed Charges:
Amortized finance costs $0.1 $0.0 $0.3 $0.3 $0.3 $0.2 $0.2
Interest expense $8.0 $6.3 $45.8 $41.6 $38.0 $28.3 $34.0
Operating leases (1/3 of rent expense) $1.2 $1.0 $4.9 $5.6 $4.8 $4.5 $4.4
----------------- -----------------------------------------------------
Total Fixed Charges (excluding Preferred $9.3 $7.3 $51.0 $47.5 $43.1 $33.0 $38.6
Stock Dividends) ================= =====================================================
Adjusted Earnings (Loss) from continuing $50.6 $61.8 $133.8 ($18.8) $109.7 $298.8 $46.8
businesses before income taxes ================= =====================================================
(excluding Preferred Stock Dividends)
================= =====================================================
Ratio of Earnings from continuing 5.44 8.47 2.62 N/A(1) 2.55 9.05 1.21
businesses to fixed charges ================= =====================================================
Preferred Dividends $4.7 $4.4 $19.4 $19.3 $19.2 $19.0 $18.8
Ratio of Earnings from continuing ================= =====================================================
businesses to fixed charges and 3.61 5.28 1.90 N/A(1) 1.76 5.75 N/A(2)
Preferred Stock Dividends ================= =====================================================
(1) Earnings were inadequate to cover Fixed Charges by $66.3 million and Fixed
Charges plus Preferred Stock Dividends by $85.6 million.
(2) Earnings were inadequate to cover Fixed Charges plus Preferred Stock
Dividends by $10.6 million.