Exhibit 12
Ratio of Earnings To Combined Fixed Charges
And Preferred Stock Dividend Requirements
(In Millions)
| Year Ended December 31, | |||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||
| Consolidated pretax income (loss) from continuing operations |
$ | 380.7 | $ | 387.8 | $ | 368.1 | $ | 285.2 | $ | (35.2 | ) | ||||||
| Undistributed earnings of non-consolidated affiliates |
(11.2 | ) | 0.1 | 0.1 | 4.2 | 0.1 | |||||||||||
| Amortization of capitalized interest |
2.0 | 2.0 | 2.0 | 2.0 | 2.0 | ||||||||||||
| Interest expense |
22.6 | 3.6 | 4.5 | 0.8 | 4.4 | ||||||||||||
| Acceleration of debt issuance costs |
0.8 | 1.7 | — | — | — | ||||||||||||
| Interest portion of rental expense |
4.7 | 5.4 | 5.0 | 5.6 | 7.1 | ||||||||||||
| Earnings (loss) |
$ | 399.6 | $ | 400.6 | $ | 379.7 | $ | 297.8 | $ | (21.6 | ) | ||||||
| Interest expense |
$ | 22.6 | $ | 3.6 | $ | 4.5 | $ | 0.8 | $ | 4.4 | |||||||
| Acceleration of debt issuance costs |
0.8 | 1.7 | — | — | — | ||||||||||||
| Interest portion of rental expense |
4.7 | 5.4 | 5.0 | 5.6 | 7.1 | ||||||||||||
| Preferred Stock dividend requirements |
6.7 | 7.4 | 6.8 | 6.5 | — | ||||||||||||
| Fixed Charges and Preferred Stock Dividend Requirements |
$ | 34.8 | $ | 18.1 | $ | 16.3 | $ | 12.9 | $ | 11.5 | |||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS |
11.5x | 22.1x | 23.3x | 23.1x | (1 | ) | |||||||||||
| (1) | For the year ended December 31, 2003, earnings were inadequate to cover fixed charges. We would need an additional $33.1 million of earnings in order to cover our fixed charges. |