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EXHIBIT (12)
STATEMENT RE: COMPUTATION OF RATIOS
(Dollars in thousands)
Year Ended December 31
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1998 1997 1996 1995 1994
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RATIO OF EARNINGS TO FIXED
CHARGES
Income before income taxes and
cumulative effect of accounting
change $147,537 $148,153 $153,421 $128,196 $101,255
Dividends received, net of equity
in earnings (loss) of
unconsolidated affiliates 887 1,605 9,961 (3,704) 1,213
Fixed charges 43,552 46,034 41,712 31,762 30,249
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Income before cumulative effect
of accounting change for
computation purposes $191,976 $195,792 $205,094 $156,254 $132,717
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FIXED CHARGES
Interest expense, including interest
related to corporate owned life
insurance $ 33,313 $ 37,971 $ 34,963 $ 24,477 $ 22,582
Portion of rent expense representing
interest 7,518 6,819 6,288 6,903 7,303
Amortization of debt expense and
debt discount 2,721 1,244 461 382 364
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Total fixed charges $ 43,552 $ 46,034 $ 41,712 $ 31,762 $ 30,249
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Ratio of Earnings to Fixed
Charges 4.4x 4.3x 4.9x 4.9x 4.4x
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For the purpose of computing the ratio of earnings to fixed charges, "earnings"
consist of income before income taxes and cumulative effect of accounting
change, plus fixed charges and dividends received, net of equity in earnings
(loss) of unconsolidated affiliates. Fixed charges consist of interest expense,
the portion of rent expense representing interest and amortization of debt
discount.
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