EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
Mar. 31 Mar. 31
2004 2003
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Thousands of Dollars, except ratio amounts)
Income before income taxes $ 45,920 $ 18,898
Share of undistributed losses from
50%-or-less-owned affiliates,
excluding affiliates with
guaranteed debt 1,781 350
Amortization of capitalized interest 337 699
Interest expense 11,391 10,161
Interest portion of rental expense 225 314
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Earnings $ 59,654 $ 30,422
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Interest $ 11,505 $ 9,834
Interest portion of rental expense 225 314
Interest expense relating to
guaranteed debt of 50%-or-less-
owned affiliates 106 126
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Fixed Charges $ 11,836 $ 10,274
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Ratio of Earnings to Fixed Charges 5.04 2.96
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