EX-12.1 3 exh12-110k2002.txt STATEMENT OF COMPUTATION OF RATIOS EXHIBIT 12.1
Statement of Computation of Ratios of Earnings to Fixed Charges (dollars in thousands) Years ended December 31, 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- Net income $78,667 $67,558 $54,788 $46,241 $41,304 Fixed charges: Interest 21,466 24,850 29,967 23,367 13,044 Amortization of fees 2,070 1,616 1,580 1,106 679 Interest capitalized 511 385 1,048 1,644 660 ----------------------------------------------------------------------------- Fixed charges 24,047 26,851 32,595 26,117 14,383 ----------------------------------------------------------------------------- Net income before fixed charges 102,203 94,024 86,335 70,714 55,027 Divided by fixed charges 24,047 26,851 32,595 26,117 14,383 ----------------------------------------------------------------------------- Ratio of earnings to fixed charges 4.3 3.5 2.6 2.7 3.8 ============================================================================= Ratio of earnings to combined fixed charges and preferred stock dividends 3.0 2.6 2.0 2.3 3.8 ============================================================================= Preferred stock dividends 9,713 9,712 9,712 5,229 --