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<TABLE>
RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
<CAPTION>
( in thousands )
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
EARNINGS AS DEFINED:
Earnings from operations before income taxes after
eliminating undistributed earnings of 20%- to
50%-owned affiliates $ 80,299 $ 76,665 $ 140,634 $ 133,011
Fixed charges excluding capitalized interest and
preferred stock dividends of majority-owned
subsidiary companies 15,056 12,374 29,503 24,782
Earnings as defined $ 95,355 $ 89,039 $ 170,137 $ 157,793
FIXED CHARGES AS DEFINED:
Interest expense, including amortization of
debt issue costs $ 13,481 $ 11,026 $ 26,117 $ 22,099
Interest capitalized 16 (2) 30 9
Portion of rental expense representative
of the interest factor 1,575 1,348 3,386 2,683
Preferred stock dividends of majority-owned
subsidiary companies 20 20 40 40
Fixed charges as defined $ 15,092 $ 12,392 $ 29,573 $ 24,831
RATIO OF EARNINGS TO FIXED CHARGES 6.32 7.19 5.75 6.35
</TABLE>
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