EX-12.1 6 y89275a1exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES
For the years ended December 31, For the nine months ------------------------------------------------ ended September 30, 2003 2002 2001 2000 1999 1998 ------------------------ -------- -------- -------- -------- -------- Earnings: Pre-tax income from operations before adjustment for income or loss from equity investees 74,409 172,018 167,317 135,462 74,157 54,272 Fixed charges 58,358 74,659 71,750 70,112 67,292 50,980 Plus: amortization of capitalized interest 15,975 20,940 18,443 14,233 15,759 15,593 Plus: distributed income (loss) from equity investees 4,095 2,916 6,656 2,968 1,884 1,035 Less: capitalized interest (27,942) (38,093) (33,158) (37,600) (38,163) (29,594) ------- ------- ------- ------- ------- ------- Earnings available for fixed charges 124,895 232,440 231,008 185,175 120,929 92,286 Fixed charges: Interest incurred, both expensed and capitalized 52,026 66,345 63,328 62,100 60,503 44,993 Debt issue cost amortization in the period 2,191 3,290 3,919 4,630 4,522 3,628 Rental expense representative of interest factor 4,141 5,024 4,503 3,382 2,267 1,308 Perferred stock dividend - - - - - 1,051 ------- ------- ------- ------- ------- ------- Fixed charges 58,358 74,659 71,750 70,112 67,292 50,980 Ratio of earnings to fixed charges 2.14 3.11 3.22 2.64 1.80 1.81