EX-12.01 6 d96298a1exv12w01.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.01 STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)
SIX MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------ JUNE 30, 2002 2001 2000 1999 ------------- -------- -------- -------- Income before income taxes, minority interests, discontinued operations, cumulative effect of a change in accounting principle and extraordinary item........... $ 52,678 $ 56,844 $324,344 $ 13,343 Interest Expense............................. 88,722 182,410 203,197 192,033 Amortization of Deferred Financing Costs..... 5,021 9,327 9,497 10,283 -------- -------- -------- -------- Earnings..................................... $146,421 $248,581 $537,038 $215,659 ======== ======== ======== ======== Interest Expense............................. $ 88,722 $182,410 $203,197 $192,033 Capitalized Interest......................... 5,887 1,320 1,372 -- Amortization of Deferred Financing Costs..... 5,021 9,327 9,497 10,283 GMAC Preferred Dividend...................... 5,394 19,015 16,371 -- -------- -------- -------- -------- Fixed Charges................................ $105,024 $212,072 $230,437 $202,316 ======== ======== ======== ======== Ratio of Earnings to Fixed Charges........... 1.39 1.17 2.33 1.07 -------- -------- -------- --------