EX-12.1 6 y08497exv12w1.txt STATEMENT RE COMPUTATION OF RATIOS . . . Exhibit 12.1 RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (In thousands)
For the quarter ended March 31, For the years ended December 31, ------------- --------------------------------------------------------- 2005 2004 2003 2002 2001 2000 -------- --------- --------- --------- --------- --------- Earnings: Pre-tax income from operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees $ 25,188 $ 199,700 $ 169,203 $ 172,018 $ 167,317 $ 135,462 Fixed charges 25,760 91,437 79,771 74,659 71,750 70,112 Plus: amortization of capitalized interest 7,967 29,447 28,040 20,940 18,443 14,233 Plus: distributed income from equity investees 994 7,124 4,095 2,916 6,656 2,968 Less: capitalized interest (9,811) (41,466) (38,816) (38,093) (33,158) (37,600) -------- --------- --------- --------- --------- --------- Earnings available for fixed charges $ 50,098 $ 286,242 $ 242,293 $ 232,440 $ 231,008 $ 185,175 Fixed charges: Interest incurred, both expensed and capitalized $ 23,076 $ 81,790 $ 71,055 $ 66,345 $ 63,328 $ 62,100 Debt issue cost amortization in the period 950 3,461 3,050 3,290 3,919 4,630 Rental expense representative of interest factor 1,734 6,186 5,666 5,024 4,503 3,382 -------- --------- --------- --------- --------- --------- Fixed charges $ 25,760 $ 91,437 $ 79,771 $ 74,659 $ 71,750 $ 70,112 Preferred stock dividends $ -- $ -- $ -- $ -- $ -- $ -- Ratio of earnings to fixed charges 1.94 3.13 3.04 3.11 3.22 2.64 Ratio of earnings to combined fixed charges and preferred stock dividends 1.94 3.13 3.04 3.11 3.22 2.64