EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges Six Months Ended Year Ended December 31, June 30, --------------------------------------------------- ----------------- 1993 1994 1995 1996 1997 1998 ---- ---- ---- ---- ---- ---- (In thousands, except ratio data) EARNINGS: Income from continuing operations before income taxes, Minority interest and extraordinary items $ 130,246 $ 193,701 $ 238,382 $ 384,162 $ 601,634 $ 407,504 Less: Minority interest 29,549 31,655 43,753 50,369 64,873 35,424 ------------------------------------------------------- -------------- Income from continuing operations before income taxes and extraordinary items 100,697 162,036 194,629 333,793 536,761 372,080 Adjustments: Non-recurring charges 50,075 34,717 73,102 78,905 15,875 - Fixed charges 31,413 83,942 116,647 113,254 126,827 66,466 Capitalized interest expense (2,664) (2,869) (2,865) (3,943) (2,491) (523) ------------------------------------------------------- -------------- Numerator - earnings available for fixed charges $ 179,521 $ 277,826 $ 381,513 $ 522,009 $ 676,972 $ 438,023 ======================================================= ============== FIXED CHARGES: Interest expense $ 25,884 $ 74,895 $ 105,517 $ 98,751 $ 111,504 $ 56,918 Capitalized interest expense 2,664 2,869 2,865 3,943 2,491 523 Interest component of rental expense 2,865 6,178 8,265 10,560 12,832 9,025 ------------------------------------------------------- -------------- Denominator - fixed charges $ 31,413 $ 83,942 $ 116,647 $ 113,254 $ 126,827 $ 66,466 ======================================================= ============== Ratio of earnings to fixed charges 5.71x 3.31x 3.27x 4.61x 5.34x 6.59x ======================================================= ==============