EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES YEAR ENDED DECEMBER 31, ------------------------------------------------------------------------------ 1997 1993 1994 1995 1996 1997 PRO FORMA ------------ ------------ ------------ ------------ ------------- ------------ (IN THOUSANDS, EXCEPT RATIO DATA) EARNINGS: Income from continuing operations be- fore income taxes, minority interests and extraordinary items ................ $ 130,246 $193,701 $238,382 $384,162 $ 601,634 $616,249 Less: Minority interest ................. 29,549 31,665 43,753 50,369 64,873 64,873 --------- -------- -------- -------- --------- -------- Income from continuing operations be- fore income taxes and extraordinary items .................................. 100,697 162,036 194,629 333,793 536,761 551,376 ADJUSTMENTS: Note recurring changes .................. 50,075 34,717 73,102 78,905 15,875 15,875 Fixed charges ........................... 31,413 83,942 116,647 113,254 126,827 112,213 Capitalized interest expense ............ (2,664) (2,869) (2,865) (3,943) (2,491) (2,491) --------- -------- -------- -------- --------- -------- Numerator -- earnings available for fixed charges .......................... $ 179,521 $277,826 $381,513 $522,009 $ 676,972 $676,972 ========= ======== ======== ======== ========= ======== FIXED CHARGES: Interest expense ........................ $ 25,884 74,895 $105,517 98,751 $ 111,504 $ 96,889 Capitalized expense ..................... 2,664 2,869 2,865 3,943 2,491 2,491 Interest component of rental expense..... 2,865 6,178 8,265 10,560 12,832 12,832 --------- -------- -------- -------- --------- -------- Denominator - fixed charges ............. $ 31,413 $ 83,942 $ 16,647 $113,254 $ 126,827 $112,213 Ratio of earnings to fixed charges ...... 5.71x 3.31x 3.27x 4.61x 5.34x 6.03x ========= ======== ======== ======== ========= ======== THREE MONTHS ENDED MARCH 31, 1998 ------------------------- ACTUAL PRO FORMA ------------ ------------ EARNINGS: Income from continuing operations be- fore income taxes, minority interests and extraordinary items ................ $197,918 $201,468 Less: Minority interest ................. 18,331 18,331 -------- -------- Income from continuing operations be- fore income taxes and extraordinary items .................................. 179,987 183,137 ADJUSTMENTS: Note recurring changes .................. -- -- Fixed charges ........................... 29,733 26,183 Capitalized interest expense ............ (267) (267) -------- -------- Numerator -- earnings available for fixed charges .......................... $209,053 $209,053 ======== ======== FIXED CHARGES: Interest expense ........................ $ 28,336 $ 24,786 Capitalized expense ..................... 267 267 Interest component of rental expense..... 1,130 1,130 -------- -------- Denominator - fixed charges ............. $ 29,733 $ 26,183 Ratio of earnings to fixed charges ...... 7.03x 7.98x ======== ========