EX-12.1 3 dex121.htm COMPUTATION, FIXED CHARGES Computation, Fixed Charges

EXHIBIT 12.1

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Nine Months
Ended
September 30
    Year Ended December 31

     2003 (1)

    2002

   2001

   2000

   1999 (1)

    1998

     (in millions, except ratios)

Earnings

                                           

Income (Loss) Before Income Tax and Cumulative Effect of Accounting Principle Change

   $ (77.5 )   $ 610.9    $ 762.1    $ 826.7    $ (165.5 )   $ 920.2

Fixed Charges

     151.4       180.3      189.0      197.1      155.2       138.3
    


 

  

  

  


 

Adjusted Earnings

   $ 73.9     $ 791.2    $ 951.1    $ 1,023.8    $ (10.3 )   $ 1,058.5
    


 

  

  

  


 

Fixed Charges

                                           

Interest and Debt Expense

   $ 137.4     $ 162.4    $ 169.6    $ 181.8    $ 137.8     $ 119.9

Amortization of Deferred Debt Costs

     3.9       3.3      7.1      2.4      2.4       3.3

Portion of Rents Deemed Representative of Interest

     10.1       14.6      12.3      12.9      15.0       15.1
    


 

  

  

  


 

Total Fixed Charges

   $ 151.4     $ 180.3    $ 189.0    $ 197.1    $ 155.2     $ 138.3
    


 

  

  

  


 

Ratio of Earnings to Fixed Charges

     0.5       4.4      5.0      5.2      (0.1 )     7.7

 

  (1) Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $77.5 million for the nine months ended September 30, 2003 and $165.5 million for 1999.