EX-12.1 2 a06-9715_1ex12d1.htm EX-12

 

EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratio)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

Ended

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

March 31, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated pretax income

 

$

218,336

 

$

309,340

 

$

396,217

 

$

521,212

 

$

721,051

 

$

144,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share of distributed income of 50%-or-less-owned affiliates net of equity pickup

 

(26

)

(2,689

)

94

 

(5,772

)

(315

)

383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

31,878

 

32,162

 

38,263

 

41,764

 

45,483

 

9,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

55,327

 

49,086

 

50,125

 

53,242

 

66,697

 

16,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less interest capitalized during the period

 

(31,675

)

(39,695

)

(42,602

)

(52,015

)

(65,959

)

(16,591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

7,190

 

6,679

 

5,973

 

5,639

 

5,678

 

1,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS

 

$

281,030

 

$

354,883

 

$

448,070

 

$

564,070

 

$

772,635

 

$

155,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

55,327

 

$

49,086

 

$

50,125

 

$

53,242

 

$

66,697

 

$

16,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

7,190

 

6,679

 

5,973

 

5,639

 

5,678

 

1,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

$

62,517

 

$

55,765

 

$

56,098

 

$

58,881

 

$

72,375

 

$

18,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.50

 

6.36

 

7.99

 

9.58

 

10.68

 

8.48