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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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1997 1996 1995 1994 1993
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Earnings:
Income from continuing
operations before income taxes $ 278.7 $ 316.6 $ 268.7 $ 179.1 $ 244.9
Add:
Interest expense-net 61.2 31.8 31.1 21.1 9.4
Rental expense representative
of interest factor 14.9 6.8 13.1 4.9 3.4
Preferred dividends of
subsidiaries -- -- 5.4 -- --
Minority interest income of
consolidated subsidiaries 14.0 -- -- -- --
Other (2.8) 1.2 .6 .8 (1.0)
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Total earnings as adjusted plus
fixed charges $ 366.0 $ 356.4 $ 318.9 $ 205.9 $ 256.7
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Fixed charges:
Interest expense-net $ 61.2 $ 31.8 $ 31.1 $ 21.1 $ 9.4
Capitalized interest 11.9 3.5 9.8 4.7 5.4
Rental expense representative
of interest factor 14.9 6.8 13.1 4.9 3.4
Pretax effect of dividends on
preferred stock of subsidiaries -- -- 7.7 -- --
--------- --------- --------- --------- ---------
Total fixed charges $ 88.0 $ 42.1 $ 61.7 $ 30.7 $ 18.2
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Ratio of earnings to fixed
charges 4.16 8.47 5.17 6.71 14.10
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