EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| ( in thousands ) |
Three months ended March 31, | |||||
| 2005 |
2004 | |||||
| EARNINGS AS DEFINED: |
||||||
| Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates |
$ | 125,656 | $ | 130,927 | ||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
9,583 | 9,511 | ||||
| Earnings as defined |
$ | 135,239 | $ | 140,438 | ||
| FIXED CHARGES AS DEFINED: |
||||||
| Interest expense, including amortization of debt issue costs |
$ | 7,372 | $ | 7,395 | ||
| Interest capitalized |
265 | |||||
| Portion of rental expense representative of the interest factor |
2,211 | 2,116 | ||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | ||||
| Fixed charges as defined |
$ | 9,603 | $ | 9,796 | ||
| RATIO OF EARNINGS TO FIXED CHARGES |
14.08 | 14.34 | ||||