STATEMENT RE COMPUTATION OF RATIOS
Published on April 9, 2004
EXHIBIT 12
STATEMENT RE COMPUTATION OF RATIOS
|
2004 |
2003 |
2002 |
2001 |
2000 |
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| Income from continuing operations before income tax |
$ | 14,193 | $ | 12,368 | $ | 10,396 | $ | 9,783 | $ | 9,110 | ||||||||||
| Capitalized interest |
(144 | ) | (124 | ) | (130 | ) | (93 | ) | (57 | ) | ||||||||||
| Minority interest |
(214 | ) | (193 | ) | (183 | ) | (129 | ) | (170 | ) | ||||||||||
| Adjusted income from continuing operations before income taxes |
13,835 | 12,051 | 10,083 | 9,561 | 8,883 | * | ||||||||||||||
| Fixed charges: |
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| Interest** |
1,196 | 1,372 | 1,530 | 1,522 | 1,180 | |||||||||||||||
| Interest component of rent |
306 | 318 | 289 | 245 | 212 | |||||||||||||||
| Total fixed charges |
1,502 | 1,690 | 1,819 | 1,767 | 1,392 | |||||||||||||||
| Income from continuing operations before taxes and fixed charges |
$ | 15,337 | $ | 13,741 | $ | 11,902 | $ | 11,328 | $ | 10,275 | ||||||||||
| Earnings to Fixed Charges Ratio |
10.21 | 8.13 | 6.54 | 6.41 | 7.38 | |||||||||||||||
| * | Does not include the cumulative effect of accounting change recorded by the Company in fiscal 2000. |
| ** | Includes interest on debt, capital leases, debt issuance cost and capitalized interest |