EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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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
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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
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THREE MONTHS ENDED
MARCH 31, 1998
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ACTUAL PRO FORMA
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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
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FIXED CHARGES:
Interest expense ........................ $ 28,336 $ 24,786
Capitalized expense ..................... 267 267
Interest component of rental expense..... 1,130 1,130
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Denominator - fixed charges ............. $ 29,733 $ 26,183
Ratio of earnings to fixed charges ...... 7.03x 7.98x
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