EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| (in thousands)
|
Three months ended |
Six months ended June 30, | ||||||||||
| 2005 |
2004 |
2005 |
2004 | |||||||||
| EARNINGS AS DEFINED: |
||||||||||||
| Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates |
$ | 181,392 | $ | 151,185 | $ | 307,048 | $ | 282,112 | ||||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
9,725 | 10,409 | 19,308 | 19,920 | ||||||||
| Earnings as defined |
$ | 191,117 | $ | 161,594 | $ | 326,356 | $ | 302,032 | ||||
| FIXED CHARGES AS DEFINED: |
||||||||||||
| Interest expense, including amortization of debt issue costs |
$ | 7,559 | $ | 8,272 | $ | 14,931 | $ | 15,667 | ||||
| Interest capitalized |
251 | 516 | ||||||||||
| Portion of rental expense representative of the interest factor |
2,166 | 2,137 | 4,377 | 4,253 | ||||||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | 40 | 40 | ||||||||
| Fixed charges as defined |
$ | 9,745 | $ | 10,680 | $ | 19,348 | $ | 20,476 | ||||
| RATIO OF EARNINGS TO FIXED CHARGES |
19.61 | 15.13 | 16.87 | 14.75 | ||||||||