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EXHIBIT (12)(iii)
COMPUTATION OF PRO FORMA OF EARNINGS TO FIXED CHARGES
STOCK ELECTION MERGER ALTERNATIVE MERGER
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TWELVE MONTHS SIX MONTHS TWELVE MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1998 1999 1998 1999
------------- ---------- ------------- ----------
(Dollars amounts in thousands)
Pro forma Consolidated income
before income taxes $222,300 $132,749 $206,133 $124,666
Add:
Interest and amortization
of debt expense 49,847 26,124 65,548 33,974
Interest portion of rental
expense 9,177 4,330 9,177 4,330
-------- -------- -------- --------
Total pro forma earnings $281,324 $163,203 $280,858 $162,970
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Fixed charges:
Interest and amortization
of debt expense $ 49,847 $ 26,124 $ 65,548 $ 33,974
Capitalized interest 1,694 940 1,694 940
Interest portion of rental
expense 9,177 4,330 9,177 4,330
-------- -------- -------- --------
Total fixed charges $ 60,718 $ 31,394 $ 76,419 $ 39,244
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Pro forma ratio of earnings to
fixed charges 4.6x 5.2x 3.7x 4.2x
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