| COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | EXHIBIT 12
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| ( in thousands ) | |||||||||
| Years ended December 31,
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| 2001 | 2000 | 1999 | |||||||
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| EARNINGS AS DEFINED: | |||||||||
| Earnings from operations before income taxes after eliminating | |||||||||
| undistributed earnings of 20%- to 50%-owned affiliates | $
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266,040 | $
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279,478 | $
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255,247 | |||
| Fixed charges excluding capitalized interest and preferred stock | |||||||||
| dividends of majority-owned subsidiary companies | 44,791 | 58,361 | 50,668 | ||||||
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| Earnings as defined | $
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310,831 | $
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337,839 | $
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305,915 | |||
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| FIXED CHARGES AS DEFINED: | |||||||||
| Interest expense, including amortization of debt issue costs | $
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39,197 | $
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51,934 | $
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45,219 | |||
| Interest capitalized | 730 | 206 | 356 | ||||||
| Portion of rental expense representative of the interest factor | 5,594 | 6,427 | 5,449 | ||||||
| Preferred stock dividends of majority-owned subsidiary companies | 80 | 80 | 80 | ||||||
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| Fixed charges as defined | $
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45,601 | $
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58,647 | $
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51,104 | |||
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| RATIO OF EARNINGS TO FIXED CHARGES | 6.82 | 5.76 | 5.99 | ||||||
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E - 3