. . . Exhibit 12 Computation of Ratio of Earnings to Fixed Charges (amounts in millions, except ratios) Three Months Year Ended Ended March 31, December 31, 2003 2002 --------------------- ---------------- Income (loss) before income taxes, minority interests, equity income and extraordinary item $ 3.0 $ (204.8) Add (deduct) earnings of less than 50% owned affiliates (net of distributed earnings) included in pretax income 0 0 Add losses of less than 50% owned affiliates included in pretax income 0 0 Add fixed charges, net of capitalized interest 24.9 81.2 Add previously capitalized interest amortized during the period 0.2 0.6 --------------------- ---------------- Earnings $ 28.1 $ (123.0) Gross interest expense including capitalized interest plus amortization of capitalized fees (fixed charges) 24.9 86.4 Ratio of earnings to fixed charges 1.1 -- (a) (a) - Earnings were inadequate to cover fixed charges by $209.4 million.