EX-12.2 4 dex122.htm STATEMENT AS TO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES OF PIFCO. Statement as to Computation of Ratio of Earnings to Fixed Charges of PIFCo.

EXHIBIT 12.2

 

PIFCo

STATEMENT AS TO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     In Thousands of U.S. Dollars
     Six
Months
Ended
June 30,
2004
  
     Year Ended December 31,
    
     1999
    2000
    2001
     2002
     2003
    

Income (loss) before income taxes and minority interest

    20,393    26,329    (20,331 )   (65,462 )   (3,011 )   (73,157 )

Add fixed charges as adjusted (from below)

    142,232    219,637    187,020     298,737     468,782     293,319  
    
  
  
 
 
 

Earnings

    162,625    245,966    166,689     233,275     465,771     220,162  
    
  
  
 
 
 

Fixed Charges:

                                   

Interest Expense:

                                   

Interest on Indebtedness

    142,232    219,637    178,979     287,856     460,151     287,938  

Dividends declared

                                   

Capitalized

                    2,432              

Amortization of debt costs

              8,041     10,881     8,631     5,381  
    
  
  
 
 
 

Fixed charges before adjustments

    142,232    219,637    187,020     301,160     468,782     293,319  
    
  
  
 
 
 

Less capitalized interest

                    (2,423 )            
    
  
  
 
 
 

Fixed charges as adjusted

    142,232    219,637    187,020     298,737     468,782     293,319  
    
  
  
 
 
 

Ratio (earnings divided by fixed charges before adjustments)

    1.14    1.29    0.89     0.77     0.99     0.75