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Previous: PENNZOIL QUAKER STATE CO, 10-Q, 2000-11-13 |
Next: PENNZOIL QUAKER STATE CO, 10-Q, EX-27, 2000-11-13 |
<TABLE>
EXHIBIT 12
PENNZOIL-QUAKER STATE COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<CAPTION>
For the nine months ended
September 30
----------------------------------
2000 1999
------------- -------------
(Dollar amounts expressed in thousands)
<S> <C> <C>
Loss from continuing operations
before income from equity investees $ (21,256) $ (23,888)
Distribution of income from equity investees 18,250 21,227
Amortization of capitalized interest 679 1,472
Income tax provision 17,272 9,617
Interest charges 92,055 81,926
------------- -------------
Income before income tax provision and interest charges $ 107,000 $ 90,354
============= =============
Fixed charges $ 92,055 $ 81,926
============= =============
Amount by which fixed charges exceeds earnings - -
============= =============
Ratio of earnings to fixed charges 1.16 1.10
============= =============
<CAPTION>
DETAIL OF INTEREST AND FIXED CHARGES
For the nine months ended
September 30
----------------------------------
2000 1999
------------- -------------
(Expressed in thousands)
<S> <C> <C>
Interest charges per Consolidated Statement of Operations
which includes amortization of debt discount, expense and premium $ 69,576 $ 58,965
Add: portion of rental expense representative of interest factor <F1> 22,479 22,961
------------- -------------
Total fixed charges $ 92,055 $ 81,926
Less: interest capitalized per Consolidated Statement of Operations - -
------------- -------------
Total interest charges $ 92,055 $ 81,926
============= =============
<FN>
<F1> Interest factor based on management's estimates and approximates one-third of rental expense.
</FN>
</TABLE>
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