Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(amounts in millions of dollars)
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Twelve Months Ended December 31, |
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Three Months |
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2002 |
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2003 |
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2004 |
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2005 |
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2006 |
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2007 |
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Earnings: |
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Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries |
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$ |
318.1 |
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$ |
288.6 |
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$ |
388.4 |
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$ |
395.6 |
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$ |
420.4 |
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$ |
109.8 |
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Add: Fixed charges (from below) |
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48.8 |
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45.6 |
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42.3 |
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44.5 |
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41.2 |
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9.7 |
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Add: Amortization of capitalized interest |
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0.1 |
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0.2 |
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0.2 |
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0.2 |
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0.3 |
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0.2 |
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Subtract: Capitalized interest expense |
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0.3 |
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0.7 |
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0.6 |
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0.2 |
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$ |
366.7 |
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$ |
334.4 |
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$ |
430.9 |
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$ |
439.6 |
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$ |
461.3 |
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$ |
119.6 |
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Fixed charges: |
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Interest expense (including amortization of debt issuance costs and debt discounts) |
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$ |
41.2 |
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$ |
39.6 |
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$ |
34.9 |
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$ |
35.6 |
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$ |
31.9 |
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$ |
7.4 |
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Add: Capitalized interest expense |
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0.3 |
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0.7 |
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0.6 |
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0.2 |
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Add: Portion of rental expense representing interest |
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7.3 |
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6.0 |
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7.4 |
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8.2 |
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8.7 |
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2.2 |
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$ |
48.8 |
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$ |
45.6 |
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$ |
42.3 |
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$ |
44.5 |
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$ |
41.2 |
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$ |
9.7 |
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Ratio of earnings to fixed charges |
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$ |
7.5 |
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$ |
7.3 |
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$ |
10.2 |
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$ |
9.9 |
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$ |
11.2 |
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$ |
12.3 |
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