EX-12.1 4 a2186350zex-12_1.htm EXHIBIT 12.1

 

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth our ratio of earnings to fixed charges for the periods indicated (dollars in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended March 31

 

 

 

2003

 

2004

 

2005

 

2006

 

2007

 

2007

 

2008

 

Interest expense, including amortization of debt issuance costs

 

$

38,568

 

$

45,355

 

$

39,547

 

$

37,492

 

$

60,526

 

$

9,328

 

$

34,840

 

Capitalized interest

 

7,820

 

6,935

 

730

 

1,686

 

13,717

 

1,361

 

5,033

 

Fixed charges (a)

 

46,388

 

52,290

 

40,277

 

39,178

 

74,243

 

10,689

 

39,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes and extraordinary items

 

75,437

 

475,033

 

360,626

 

631,555

 

630,238

 

164,780

 

229,931

 

Amortization of capitalized interest

 

3,859

 

3,729

 

4,073

 

4,814

 

5,069

 

1,264

 

1,305

 

Less capitalized interest

 

(7,820

)

(6,935

)

(730

)

(1,686

)

(13,717

)

(1,361

)

(5,033

)

Adjusted earnings (b)

 

$

117,864

 

$

524,117

 

$

404,246

 

$

673,861

 

695,833

 

$

175,312

 

$

266,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio (b) / (a)

 

2.54x

 

10.02x

 

10.04x

 

17.20x

 

9.37x

 

16.41x

 

6.67x

 

 

For purposes of calculating our ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes and extraordinary items, adjusted for the portion of fixed charges deducted from the earnings, plus amortization of capitalized interest.  Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuances costs.