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<PAGE>
EXHIBIT 12. RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
(in thousands of dollars)
For the Three
Months ended For the years ended June 30,
September 30, 2000 2000 1999 1998 1997
------------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Pretax income from continuing operations $ 37,107 $177,055 $197,719 $231,138 $171,941
Distribution of earnings from
unconsolidated affiliates - 4,220 840 602 1,509
Fixed charges 15,121 57,907 57,744 64,881 65,827
------------------ -------- -------- -------- --------
Earnings $ 52,228 $239,182 $256,303 $296,621 $239,277
Interest $ 14,829 $ 56,869 $ 56,837 $ 63,974 $ 64,886
Amortization of premiums and other 292 1,038 907 907 941
------------------ -------- -------- -------- --------
Fixed Charges $ 15,121 $ 57,907 $ 57,744 $ 64,881 $ 65,827
Ratio of Earnings to Fixed Charges 3.45 4.13 4.44 4.57 3.63
</TABLE>
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