EXHIBIT (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------- SIX MONTHS ENDED
1995 1996 1997 1998 1999 JUNE 30, 2000
-------- -------- -------- -------- -------- -------------
(In thousands, except ratio data)
<S> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income from continuing operations
before income taxes, minority
interests and extraordinary items 224,591 399,326 629,196 267,373 229,915 269,341
Less: Minority interests 45,135 54,003 72,469 77,468 86,469 53,573
-------- -------- -------- -------- -------- -------
Income from continuing operations before
income taxes and extraordinary items 179,456 345,323 556,727 189,905 143,446 215,768
ADJUSTMENTS:
Non-recurring charges 73,102 78,905 15,875 587,313 448,605 --
Fixed charges 122,786 118,429 130,956 171,492 201,056 113,937
Capitalized interest expense (2,865) (3,943) (2,491) (630) (2,184) (529)
-------- -------- -------- -------- -------- -------
Numerator -- earnings available
for fixed charges 372,479 538,714 701,067 948,080 790,923 329,176
======== ======== ======== ======== ======== =======
FIXED CHARGES:
Interest expense 109,656 101,367 112,529 148,163 176,652 101,619
Capitalized interest expense 2,865 3,943 2,491 630 2,184 529
Interest component of rental expense 10,265 13,119 15,936 22,699 22,220 11,789
-------- -------- -------- -------- -------- -------
Denominator -- fixed charges 122,786 118,429 130,956 171,492 201,056 113,937
======== ======== ======== ======== ======== =======
RATIO OF EARNINGS TO FIXED CHARGES 3.03 4.55 5.35 5.53 3.93 2.89
======== ======== ======== ======== ======== =======
</TABLE>
