EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| Three months ended September 30, |
Nine months ended September 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 |
$ | 102,121 | $ | 89,060 | $ | 384,233 | $ | 302,156 | ||||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
9,096 | 9,615 | 29,016 | 28,725 | ||||||||
| Earnings as defined |
$ | 111,217 | $ | 98,675 | $ | 413,249 | $ | 330,881 | ||||
| FIXED CHARGES AS DEFINED: |
||||||||||||
| Interest expense, including amortization of debt issue costs |
$ | 7,149 | $ | 7,944 | $ | 22,816 | $ | 23,779 | ||||
| Interest capitalized |
84 | 138 | 600 | 302 | ||||||||
| Portion of rental expense representative of the interest factor |
1,947 | 1,671 | 6,200 | 4,946 | ||||||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | 60 | 60 | ||||||||
| Fixed charges as defined |
$ | 9,200 | $ | 9,773 | $ | 29,676 | $ | 29,087 | ||||
| RATIO OF EARNINGS TO FIXED CHARGES |
12.09 | 10.10 | 13.93 | 11.38 | ||||||||