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EXHIBIT 12
WILLIAMS HOLDINGS OF DELAWARE, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Years Ended December 31,
-----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Earnings:
Income from continuing
operations before extraordinary
loss and income taxes $ 4.6 $ 455.1 $ 529.6 $ 372.3 $ 258.4
Add:
Interest expense-net 155.3 113.2 89.3 89.5 74.6
Rental expense representative
of interest factor 26.0 20.2 11.9 18.7 11.0
Preferred dividends of
subsidiaries -- -- -- 5.4 --
Minority interest (income) loss of
consolidated subsidiaries (12.0) 18.2 1.4 2.3 1.6
Interest accrued--50% owned company 6.1 -- -- -- --
Other 16.5 (.4) 3.3 3.1 3.3
-------- -------- -------- -------- --------
Total earnings as adjusted plus
fixed charges $ 196.5 $ 606.3 $ 635.5 $ 491.3 $ 348.9
======== ======== ======== ======== ========
Combined fixed charges:
Interest expense-net $ 155.3 $ 113.2 $ 89.3 $ 89.5 $ 74.6
Capitalized interest 26.6 19.3 4.8 11.5 4.7
Rental expense representative
of interest factor 26.0 20.2 11.9 18.7 11.0
Pretax effect of dividends on
preferred stock of subsidiaries -- -- -- 7.7 --
Interest accrued--50% owned company 6.1 -- -- -- --
-------- -------- -------- -------- --------
Total fixed charges $ 214.0 $ 152.7 $ 106.0 $ 127.4 $ 90.3
======== ======== ======== ======== ========
Ratio of earnings to fixed
charges -- (1) 3.97 6.00 3.86 3.86
======== ======== ======== ======== ========
(1) Earnings were insufficient to cover fixed charges by approximately $17.5
million for the year ended December 31, 1998.