EX-12.1 5 a81639ex12-1.txt EXHIBIT 12.1 EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (amounts in thousands, except ratio)
YEAR ENDED DECEMBER 31, THREE MONTHS ------------------------------------------------------------------------- ENDED 1997 1998 1999 2000 2001 3/31/2002 --------- --------- --------- --------- --------- ------------ Consolidated pretax income before extraordinary item $ 36,470 $ 75,158 $ 109,336 $ 134,840 $ 225,580 $ 25,964 Share of distributed income of 50%-or-less-owned affiliates net of equity pickup 1,334 2,602 (263) (163) (26) (33) Amortization of capitalized interest 21,581 20,645 19,027 27,581 31,878 6,151 Interest 74,950 63,410 52,764 62,610 55,327 11,764 Less interest capitalized during the period (17,636) (18,601) (24,397) (34,105) (31,675) (9,029) Net amortization of debt discount and premium and issuance expense 84 36 33 -- -- -- Interest portion of rental expense 3,541 4,709 4,522 6,065 7,190 1,578 --------- --------- --------- --------- --------- --------- EARNINGS $ 120,324 $ 147,959 $ 161,022 $ 196,828 $ 288,274 $ 36,395 Interest $ 74,950 $ 63,410 $ 52,764 $ 62,610 $ 55,327 $ 11,764 Net amortization of debt discount and premium and issuance expense 84 36 33 -- -- -- Interest portion of rental expense 3,541 4,709 4,522 6,065 7,190 1,578 --------- --------- --------- --------- --------- --------- FIXED CHARGES $ 78,575 $ 68,155 $ 57,319 $ 68,675 $ 62,517 $ 13,342 Ratio of earnings to fixed charges 1.53 2.17 2.81 2.87 4.61 2.73