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EXHIBIT 12: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Pro forma (A) Historical
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Year Ended
Six Periods Ended December 31, Six Periods Ended
6/15/96 6/17/95 1995 6/15/96 6/17/95
------- ------- ------- ------- -------
(Dollars in Millions)
Income from continuing operations
before income taxes $ 17.0 $ 69.4 $ 162.1 $ 17.0 $ 69.4
Interest expense 9.3 4.5 11.4 6.2 2.9
Interest portion of rental expense 2.3 3.5 7.5 2.3 3.5
Amortization of previously capitalized interest 0.2 -- 0.1 0.2 --
Less interest capitalized during the period (3.3) (2.1) (6.7) (2.2) (2.4)
-------- -------- --------- -------- ---------
Earnings as Adjusted $ 25.5 $ 75.3 $ 174.4 $ 23.5 $ 73.4
======== ======== ========= ======== =========
Interest expense $ 9.3 $ 4.5 $ 11.4 $ 6.2 $ 2.9
Interest portion of rental expense 2.3 3.5 7.5 2.3 3.5
-------- -------- --------- -------- ---------
Fixed Charges $ 11.6 $ 8.0 $ 18.9 $ 8.5 $ 6.4
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Ratio of Earnings to
Fixed Charges 2.20 9.41 9.23 2.76 11.47
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Year Ended December 31,
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
(Dollars in Millions)
Income from continuing operations
before income taxes $ 162.1 $ 171.5 $ 161.7 $ 150.2 $ 110.9
Interest expense 9.2 -- -- -- --
Interest portion of rental expense 7.5 4.6 3.5 2.6 3.5
Amortization of previously capitalized interest 0.1 -- -- -- --
Less interest capitalized during the period (5.4) -- -- -- --
-------- -------- --------- -------- ---------
Earnings as Adjusted $ 173.5 $ 176.1 $ 165.2 $ 152.8 $ 114.4
======== ======== ========= ======== =========
Interest expense $ 9.2 $ -- $ -- $ -- $ --
Interest portion of rental expense 7.5 4.6 3.5 2.6 3.5
-------- -------- --------- -------- ---------
Fixed Charges $ 16.7 $ 4.6 $ 3.5 $ 2.6 $ 3.5
======== ======== ========= ======== =========
Ratio of Earnings to
Fixed Charges 10.39 38.28 47.20 58.77 32.69
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<FN>
(A) The pro forma ratio of earnings to fixed charges was calculated assuming
a maximum interest ratio of 8%. A decrease of 1/8 of 1% in the assumed
rate would increase the pro forma ratio from 9.23 to 9.32 for the year
ended December 31, 1995.