EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Twelve Months Ended Three Months Ended
Dec. 31 Dec. 31 Dec. 31 Dec. 31
2002 2001 2002 2001
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(Thousands of Dollars, except ratio amounts)
Income (loss) before income taxes,
extraordinary item and
cumulative effect of
accounting changes $ 85,518 $(26,883) $ 58,173 $ 8,643
Amortization of capitalized interest 2,872 2,810 708 800
Interest expense 31,540 33,401 7,544 7,588
Interest portion of rental expense 1,391 2,585 278 975
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Earnings $121,321 $ 11,913 $ 66,703 $ 18,006
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Interest $ 31,975 $ 34,824 $ 7,740 $ 8,477
Interest portion of rental expense 1,391 2,585 278 975
-------- -------- -------- --------
Fixed Charges $ 33,366 $ 37,409 $ 8,018 $ 9,452
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Ratio of Earnings to Fixed Charges 3.64 0.32 8.32 1.90
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