EX-12.1 5 g74118a1ex12-1.txt STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31, ------------------------------------------ 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ (IN MILLIONS, EXCEPT FOR RATIOS) COMPUTATION OF EARNINGS: Income from continuing operations before income taxes, QUIP distributions and cumulative effect of change in accounting method.................. $281.7 $367.0 $185.0 $344.7 $141.1 Add (Deduct): Fixed charges to add back....................... 144.3 184.8 159.3 161.9 145.5 Amortization of interest previously capitalized.................................. 1.2 2.7 2.3 2.1 1.5 ------ ------ ------ ------ ------ Earnings.......................................... $427.2 $554.5 $346.6 $508.7 $288.1 ====== ====== ====== ====== ====== COMPUTATION OF FIXED CHARGES Interest expense, net of capitalized interest..... $130.0 $170.2 $143.9 $148.4 $132.5 Distrib. on quarterly income preferred securities...................................... 18.4 18.4 18.4 16.1 10.5 Portion of rent expense representing interest..... 14.3 14.6 15.4 13.5 13.0 Capitalized interest.............................. 1.4 1.0 3.5 5.1 6.8 ------ ------ ------ ------ ------ FIXED CHARGES..................................... $164.1 $204.2 $181.2 $183.1 $162.8 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES................ 2.60 2.72 1.91 2.78 1.77 ====== ====== ====== ====== ======