EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| ( in thousands ) |
Three months ended September 30, |
Nine months ended September 30, | ||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||
| EARNINGS AS DEFINED: |
||||||||||||
| Earnings from operations before income taxes after eliminating undistributed earnings of 20%- to 50%-owned affiliates |
$ | 154,198 | $ | 145,331 | $ | 449,412 | $ | 493,692 | ||||
| Fixed charges excluding capitalized interest and preferred stock dividends of majority-owned subsidiary companies |
11,618 | 17,573 | 38,010 | 49,513 | ||||||||
| Earnings as defined |
$ | 165,816 | $ | 162,904 | $ | 487,422 | $ | 543,205 | ||||
| FIXED CHARGES AS DEFINED: |
||||||||||||
| Interest expense, including amortization of debt issue costs |
$ | 9,072 | $ | 15,281 | $ | 30,002 | $ | 42,971 | ||||
| Interest capitalized |
120 | 20 | 242 | 48 | ||||||||
| Portion of rental expense representative of the interest factor |
2,546 | 2,292 | 8,008 | 6,542 | ||||||||
| Preferred stock dividends of majority-owned subsidiary companies |
20 | 20 | 60 | 60 | ||||||||
| Fixed charges as defined |
$ | 11,758 | $ | 17,613 | $ | 38,312 | $ | 49,621 | ||||
| RATIO OF EARNINGS TO FIXED CHARGES |
14.10 | 9.25 | 12.72 | 10.95 | ||||||||