EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| ( in thousands ) |
Three months ended March 31, | |||||
| 2007 | 2006 | |||||
| EARNINGS AS DEFINED: |
||||||
| Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates |
$ | 122,238 | $ | 152,807 | ||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
12,601 | 14,289 | ||||
| Earnings as defined |
$ | 134,839 | $ | 167,096 | ||
| FIXED CHARGES AS DEFINED: |
||||||
| Interest expense, including amortization of debt issue costs |
$ | 10,201 | $ | 12,153 | ||
| Interest capitalized |
89 | |||||
| Portion of rental expense representative of the interest factor |
2,400 | 2,136 | ||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | ||||
| Fixed charges as defined |
$ | 12,710 | $ | 14,309 | ||
| RATIO OF EARNINGS TO FIXED CHARGES |
10.61 | 11.68 | ||||