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EXHIBIT 12
FLUOR CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
THREE
MONTHS
ENDED
YEAR ENDED OCTOBER 31, MARCH 31,
----------------------------------------------------------- ---------
1996 1997 1998 1999 2000 2001
--------- --------- --------- -------- -------- --------
Earnings from continuing
operations before income taxes $ 280,381 $ 119,362 $ 222,748 $ 76,581 $142,221 $ 15,061
Add (subtract)
Equity in earnings from less
than 50% owned persons,
net of distributions ....... (7,369) (1,103) (8,090) (5,776) 220 (4,937)
Fixed charges ................ 37,130 37,796 41,295 44,631 53,090 17,039
--------- --------- --------- -------- -------- --------
Total ........................ $ 310,142 $ 156,055 $ 255,953 $115,436 $195,531 $ 27,163
========= ========= ========= ======== ======== ========
Fixed charges
Interest expense ............. $ 13,140 $ 10,187 $ 13,120 $ 18,972 $ 26,315 $ 10,345
Portion of rental expense
representative of interest
factor ..................... 23,990 27,609 28,175 25,659 26,775 6,694
--------- --------- --------- -------- -------- --------
Total fixed charges (1) ...... $ 37,130 $ 37,796 $ 41,295 $ 44,631 $ 53,090 $ 17,039
========= ========= ========= ======== ======== ========
Ratio of earnings to fixed
charges (1) .................. 8.35 4.13 6.20 2.59 3.68 1.59
========= ========= ========= ======== ======== ========
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(1) For purposes of computing the ratio of earnings to fixed charges,
"earnings" consist of earnings from continuing operations before provision
for income taxes plus fixed charges less equity in earnings from less than
50% owned persons, net of distributions. "Fixed charges" consist of
interest and the interest component of rental expense.