Exhibit 12 RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS) INTEREST COVERAGE RATIOS 12 MONTHS ENDED YEARS ENDED DEC 31, JUNE 30, 1999 1998 1997 1996 1995 1994 ------------------------------------------------------------------------------ Income from continuing operations before provision for income taxes........ $227,044 $218,882 $223,800 $186,460 $131,812 $146,532 Add: Interest on long-term debt............... 136,828 120,275 124,357 126,933 110,227 89,526 Interest on short-term debt and other.... 9,736 12,260 10,879 18,151 16,847 7,257 Portion of rents representative of the interest factor...................... 19,994 20,152 17,548 16,537 15,346 15,329 ------------------------------------------------------------------------------ Income as adjusted......................... $393,602 $371,569 $376,584 $348,081 $274,232 $258,644 ------------------------------------------------------------------------------ Fixed Charges Interest on long-term debt............... $136,828 $120,275 $124,357 $126,933 $110,227 $89,526 Interest on short-term debt.............. 9,736 12,260 10,879 18,151 16,847 7,257 Portion of rents representative of the interest factor...................... 19,994 20,152 17,548 16,537 15,346 15,329 ------------------------------------------------------------------------------ Pre-tax Preference Stock Dividend Requirements............................ 0 0 570 2,100 2,100 11,262 ------------------------------------------------------------------------------ Fixed Charges.............................. $166,558 $152,687 $152,784 $161,621 $142,420 $112,112 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ RATIO OF EARNINGS TO FIXED CHARGES......... 2.36 2.43 2.46 2.15 1.93 2.31 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------