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<TABLE>
RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
<CAPTION>
( in thousands ) Three months ended Nine months ended
September 30, September 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 $ 61,744 $ 43,667 $ 203,161 $ 175,249
Fixed charges excluding capitalized interest and
preferred stock dividends of majority-owned
subsidiary companies 14,935 12,639 44,438 37,421
Earnings as defined $ 76,679 $ 56,306 $ 247,599 $ 212,670
FIXED CHARGES AS DEFINED:
Interest expense, including amortization of
debt issue costs $ 13,393 $ 11,279 $ 39,510 $ 33,378
Interest capitalized 17 333 47 342
Portion of rental expense representative
of the interest factor 1,542 1,360 4,928 4,043
Preferred stock dividends of majority-owned
subsidiary companies 20 20 60 60
Fixed charges as defined $ 14,972 $ 12,992 $ 44,545 $ 37,823
RATIO OF EARNINGS TO FIXED CHARGES 5.12 4.33 5.56 5.62
</TABLE>
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