EX-12.1 2 a07-11006_2ex12d1.htm EX-12.1

EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges         
(in thousands, except ratio)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended
March 31, 

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

2007

 

Consolidated pretax income (loss)

 

$

309,340

 

$

396,217

 

$

521,212

 

$

721,051

 

$

567,108

 

$

(30,641

)

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

 

(2,689

)

94

 

(5,772

)

(315

)

260

 

(35

)

Amortization of capitalized interest

 

32,162

 

38,263

 

41,764

 

45,483

 

48,708

 

8,124

 

Interest

 

49,086

 

50,125

 

53,242

 

66,697

 

71,955

 

15,421

 

Less interest capitalized during the period

 

(39,695

)

(42,602

)

(52,015

)

(65,959

)

(71,750

)

(15,393

)

Interest portion of rental expense

 

6,679

 

5,973

 

5,639

 

5,678

 

7,736

 

2,392

 

EARNINGS/(LOSS)

 

$

354,883

 

$

448,070

 

$

564,070

 

$

772,635

 

$

624,017

 

$

(20,132

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

49,086

 

$

50,125

 

$

53,242

 

$

66,697

 

$

71,955

 

$

15,421

 

Interest portion of rental expense

 

6,679

 

5,973

 

5,639

 

5,678

 

7,736

 

2,392

 

FIXED CHARGES

 

$

55,765

 

$

56,098

 

$

58,881

 

$

72,375

 

$

79,691

 

$

17,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings (loss) to fixed charges

 

6.36

 

7.99

 

9.58

 

10.68

 

7.83

 

(1.13

)