| RATIO OF EARNINGS TO FIXED CHARGES |
EXHIBIT 12 |
| Three months ended |
Six months ended June 30, | |||||||||||
| ( in thousands ) |
2004 |
2003 |
2004 |
2003 | ||||||||
| EARNINGS AS DEFINED: |
||||||||||||
| Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates |
$ | 151,185 | $ | 122,080 | $ | 282,112 | $ | 213,096 | ||||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
10,409 | 9,482 | 19,920 | 19,110 | ||||||||
| Earnings as defined |
$ | 161,594 | $ | 131,562 | $ | 302,032 | $ | 232,206 | ||||
| FIXED CHARGES AS DEFINED: |
||||||||||||
| Interest expense, including amortization of debt issue costs |
$ | 8,272 | $ | 7,832 | $ | 15,667 | $ | 15,835 | ||||
| Interest capitalized |
251 | 89 | 516 | 164 | ||||||||
| Portion of rental expense representative of the interest factor |
2,137 | 1,650 | 4,253 | 3,275 | ||||||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | 40 | 40 | ||||||||
| Fixed charges as defined |
$ | 10,680 | $ | 9,591 | $ | 20,476 | $ | 19,314 | ||||
| RATIO OF EARNINGS TO FIXED CHARGES |
15.13 | 13.72 | 14.75 | 12.02 | ||||||||
E - 2