EX-12.1 3 a05-12072_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

For the Year Ended December 31,

 

 

 

2005

 

2004

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority interest, and accounting change

 

$

183,173

 

$

213,584

 

$

397,901

 

$

372,606

 

$

116,325

 

$

91,762

 

$

82,717

 

Add —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

25,538

 

17,456

 

32,118

 

48,687

 

63,164

 

67,316

 

44,812

 

Less —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividend requirement of consolidated subsidiary

 

—

 

—

 

—

 

—

 

(4,140

)

(9,999

)

(9,965

)

Capitalized interest

 

(4,910

)

(8,016

)

(14,216

)

(16,531

)

(24,033

)

(33,242

)

(20,918

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

203,801

 

$

223,024

 

$

415,803

 

$

404,762

 

$

151,316

 

$

115,837

 

$

96,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

24,061

 

$

16,071

 

$

29,333

 

$

46,360

 

$

57,450

 

$

56,259

 

$

34,064

 

Preferred dividend requirement of consolidated subsidiary

 

—

 

—

 

—

 

—

 

4,140

 

9,999

 

9,965

 

Portion of rental expense representing interest

 

1,477

 

1,385

 

2,785

 

2,327

 

1,574

 

1,058

 

783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

25,538

 

$

17,456

 

$

32,118

 

$

48,687

 

$

63,164

 

$

67,316

 

$

44,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

8.0

x

12.8

x

12.9

x

8.3

x

2.4

x

1.7

x

2.2

x