EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| Three months ended June 30, |
Six months ended June 30, | |||||||||||
| (in thousands) |
2007 | 2006 | 2007 | 2006 | ||||||||
| EARNINGS AS DEFINED: |
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| Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates |
$ | 172,976 | $ | 195,554 | $ | 295,214 | $ | 348,361 | ||||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
13,791 | 17,651 | 26,392 | 31,940 | ||||||||
| Earnings as defined |
$ | 186,767 | $ | 213,205 | $ | 321,606 | $ | 380,301 | ||||
| FIXED CHARGES AS DEFINED: |
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| Interest expense, including amortization of debt issue costs |
$ | 10,729 | $ | 15,537 | $ | 20,930 | $ | 27,690 | ||||
| Interest capitalized |
33 | 28 | 122 | 28 | ||||||||
| Portion of rental expense representative of the interest factor |
3,062 | 2,114 | 5,462 | 4,250 | ||||||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | 40 | 40 | ||||||||
| Fixed charges as defined |
$ | 13,844 | $ | 17,699 | $ | 26,554 | $ | 32,008 | ||||
| RATIO OF EARNINGS TO FIXED CHARGES |
13.49 | 12.05 | 12.11 | 11.88 | ||||||||