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EXHIBIT 12
WILLIAMS HOLDINGS OF DELAWARE, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
YEARS ENDED DECEMBER 31,
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1996 1995 1994 1993 1992
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Earnings:
Income from continuing operations
before income taxes................ $316.6 $268.7 $179.1 $244.9 $53.1
Add:
Interest expense-net............... 31.8 31.1 21.1 9.4 17.4
Rental expense representative of
interest factor.................. 6.8 13.1 4.9 3.4 3.6
Preferred dividends of
subsidiaries..................... -- 5.4 -- -- --
Minority interest income........... -- (.2) -- -- --
Other.............................. 1.2 .8 .8 (1.0) (5.7)
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Total earnings as adjusted
plus fixed charges.......... $356.4 $318.9 $205.9 $256.7 $68.4
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Fixed charges:
Interest expense-net.................. $ 31.8 $ 31.1 $ 21.1 $ 9.4 $17.4
Capitalized interest.................. 3.5 9.8 4.7 5.4 2.9
Rental expense representative of
interest factor.................... 6.8 13.1 4.9 3.4 3.6
Pretax effect of dividends on
preferred stock of subsidiaries.... -- 7.7 -- -- --
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Total fixed charges........... $ 42.1 $ 61.7 $ 30.7 $ 18.2 $23.9
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Ratio of earnings to fixed charges...... 8.47 5.17 6.71 14.10 2.86
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