EX-12.1 4 h45286exv12w1.htm STATEMENT OF COMPUTATION OF RATIOS exv12w1
 

Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
     The ratio was computed by dividing earnings by fixed charges. For this purpose, “earnings” represent the aggregate of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, amortization of capitalized interest, distributed income of equity investees, our share of pre-tax losses of equity investees, and fixed charges less capitalized interest. The table below sets forth our consolidated ratios of earnings to fixed charges for the periods indicated.
                                         
            Year Ended December 31,        
    2002     2003     2004     2005     2006  
            (In thousands, except for ratio data)          
Ratio of earnings to fixed charges:
                                       
Earnings from continuing operations before fixed charges:
                                       
Income from continuing operations before income taxes, minority interest and income /loss from equity investees
  $ 35,667     $ 47,837     $ 55,579     $ 105,942     $ 298,551  
Distributed income of equity investees
    78       105       57              
Share of pre-tax losses of equity investees
    80                          
Adjusted pre-tax earnings from continuing operations
    35,825       47,972       55,636       105,942       298,551  
Fixed charges less capitalized interest
    22,915       23,473       23,363       22,989       24,271  
 
                             
Earnings from continuing operations before fixed charges:
  $ 58,740     $ 71,415     $ 78,999     $ 128,931     $ 322,822  
 
                             
Fixed charges:
                                       
Interest expenses, net of capitalized interest
  $ 21,884     $ 22,447     $ 22,476     $ 21,862     $ 22,950  
Capitalized Interest
    1,066       87             456       924  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    1,031       1,026       887       1,127       1,321  
 
                             
Total fixed charges
  $ 23,981     $ 23,560     $ 23,363     $ 23,445     $ 25,195  
 
                             
Ratio of earnings to fixed charges
    2.45 x     3.03 x     3.38 x     5.50 x     12.81 x