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Previous: PENNZOIL QUAKER STATE CO, 10-Q, 2000-08-14 |
Next: PENNZOIL QUAKER STATE CO, 10-Q, EX-99, 2000-08-14 |
<TABLE>
EXHIBIT 12
PENNZOIL-QUAKER STATE COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<CAPTION>
For the six months ended
June 30,
----------------------------------
2000 1999
------------- -------------
(Dollar amounts expressed in thousands)
<S> <C> <C>
Loss from continuing operations
before income from equity investees $ (19,036) $ (10,218)
Distribution of income from equity investees 5,850 10,168
Amortization of capitalized interest 453 982
Income tax provision (benefit) (3,834) 10,509
Interest charges 60,590 54,218
------------- -------------
Income before income tax provision (benefit) and interest charges $ 44,023 $ 65,659
============= =============
Fixed charges $ 60,590 $ 54,218
============= =============
Amount by which fixed charges exceeds earnings 16,567
============= =============
Ratio of earnings to fixed charges 1.21
============= =============
<CAPTION>
DETAIL OF INTEREST AND FIXED CHARGES
For the six months ended
June 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 $ 45,242 $ 38,822
Add: portion of rental expense representative of interest factor <F1> 15,348 15,396
------------- -------------
Total fixed charges $ 60,590 $ 54,218
Less: interest capitalized per Consolidated Statement of Operations - -
------------- -------------
Total interest charges $ 60,590 $ 54,218
============= =============
<FN>
<F1> Interest factor based on management's estimates and approximates one-third of rental expense.
</FN>
</TABLE>
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