<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>y08497exv12w1.txt
<DESCRIPTION>STATEMENT RE COMPUTATION OF RATIOS
<TEXT>
<PAGE>
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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In thousands)
<TABLE>
<CAPTION>
For the
quarter ended
March 31, For the years ended December 31,
------------- ---------------------------------------------------------
2005 2004 2003 2002 2001 2000
-------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
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
</TABLE>
</TEXT>
</DOCUMENT>