EX-12.1 53 dex121.htm STATEMENTS OF COMPUTATION OF RATIOS Statements of Computation of Ratios

EXHIBIT 12.1

 

      Three-Months Ended    Year Ended

(in thousands of U.S. dollars)

    March 31,
2007		     March 31,
2006		    Dec. 31,
2006		     Dec. 31,
2005		    Dec. 31,
2004		    Dec. 31,
2003		    Dec. 31,
2002

Fixed charges:

                   

Interest expense

    $ 9,978 (1)   $ 2,855    $ 10,998 (1)   $ 10,927    $ 11,362    $ 13,134    $ 13,347

Portion of rent expense representative of interest

      1,349       753      2,900       2,900      2,600      2,467      1,867
                                                  

Total fixed charges

    $ 11,327     $ 3,608    $ 13,898     $ 13,827    $ 13,962    $ 15,601    $ 15,214
                                                  

Earnings:

                   

Income from continuing operations before tax

    $ 18,412     $ 27,996    $ 83,538     $ 146,225    $ 156,805    $ 162,833    $ 149,197

Fixed charges per above

      11,327       3,608      13,898       13,827      13,962      15,601      15,214
                                                  

Total earnings

    $ 29,739     $ 31,604    $ 97,436     $ 160,052    $ 170,767    $ 178,434    $ 164,411
                                                  

Ratio of earnings to fixed charges

      2.63       8.76      7.01       11.58      12.23      11.44      10.81
                                                  
(1) Excludes interest expense for premiums and losses on swap and swaption contracts of $641 for the three-months ended March 31, 2007 and $13,751 for the year ended December 31, 2006. These contracts are unrelated to our indebtedness.