EX-12.1 4 dex121.txt STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS Exhibit 12 Statement Regarding: Computation of Ratio of Earnings to Fixed Charges ----------------------------------------------------------------------
(dollars in thousands) Years Ended December 31, 3 Months Ended March 31, ------------------------ ------------------------ 2001 2000 1999 1998 1997 2002 2001 ---- ---- ---- ---- ---- ---- ---- Computation of earnings: Pre-tax income from continuing operations...... $ 64,203 $101,275 $ 64,258 $ 85,197 $ 49,468 $ 368 $ 9,430 Less: Capitalized interest........................ (1,639) (2,303) (10,956) (26,700) (18,200) (539) (231) Plus: Amortization of capitalized interest........ 1,993 1,939 1,862 1,497 607 498 485 ------------------------------------------------------ ----------------------- Total earnings................................ 64,557 100,911 55,164 59,994 31,875 327 9,684 Computation of fixed charges: For interest................................ 33,643 41,325 43,634 23,914 26,893 7,753 8,908 For capitalized interest.................... 1,639 2,303 10,956 26,700 18,200 539 231 For interest on rentals..................... 50,102 44,094 35,401 34,095 3,096 7,324 14,054 ------------------------------------------------------ ----------------------- Total fixed charges........................... 85,384 87,722 89,991 84,709 48,189 15,616 23,193 Total earnings and fixed charges.............. 149,941 188,633 145,155 144,703 80,064 15,943 32,877 Ratio 1.76 2.15 1.61 1.71 1.66 1.02 1.42