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EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
PER REGULATION S-K 229.503 (ITEM 503)
BEFORE
ACCT CHG
DECEMBER DECEMBER DECEMBER
1993 1993 1992
------- ------- -------
Earnings:
Pre-Tax Income 1. 89,289 89,289 97,689
Accounting Change (37,764) - -
Add: Fixed Charges 11,989 11,989 10,780
Less: Interest Capitalization (1,108) (1,108) (753)
------------ ------- -------
Total Earnings (Loss) 62,406 100,170 107,716
============ ======= =======
Fixed Charges:
Interest Expense 10,081 10,081 9,227
Interest Capitalization 1,108 1,108 753
Interest Portion of
Rental Expense 800 800 800
------------ ------- -------
Total Fixed Charges 11,989 11,989 10,780
============ ======= =======
Total Earnings (Loss) 62,406 100,170 107,716
Divided By:
Total Fixed Charges 11,989 11,989 10,780
------------ ------- -------
Ratio 5.21 8.36 9.99
<FN>
1. Pre - tax effect of FASB 106, accounting for retiree benefits.
Note: Preferred dividends are excluded. Amortization of debt expense and discounts and premiums were deemed
immaterial to the above calculation. Interest portion of rental expense are conservative estimates based on
actual amounts from prior years.