EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended Three Months Ended
June 30 June 30 June 30 June 30
2005 2004 2005 2004
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(Thousands of Dollars, except ratio amounts)
Income before income taxes $192,563 $ 86,792 $101,614 $ 40,872
Share of undistributed losses from
50%-or-less-owned affiliates,
excluding affiliates with
guaranteed debt 2,334 3,744 1,199 1,963
Amortization of capitalized interest 644 673 322 336
Interest expense 26,534 23,310 13,860 11,919
Interest portion of rental expense 1,391 451 722 226
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Earnings $223,466 $114,970 $117,717 $ 55,316
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Interest $ 26,776 $ 23,539 $ 13,991 $ 12,034
Interest portion of rental expense 1,391 451 722 226
Interest expense relating to
guaranteed debt of 50%-or-less-
owned affiliates - 106 - -
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Fixed Charges $ 28,167 $ 24,096 $ 14,713 $ 12,260
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Ratio of Earnings to Fixed Charges 7.93 4.77 8.00 4.51
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