EX-12.1 3 exhibit_12-1.htm

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

 

      2004    

2003

    

2002

    

2001

    

2000
    (in thousands)

Earnings:

    

   

   

   

   

Income from continuing operations before income taxes and equity in net income (loss) of affiliates

   $

 55,579 

   $

47,837 

   $

35,667 

   $

86,758 

   $

33,179 

Fixed charges

    

22,476 

    

22,564 

    

22,950 

    

20,926 

    

12,320 

Distributed income of equity investees

    

57 

    

105 

    

78 

    

- 

    

- 

Less: Interest capitalized

    

- 

    

(87)

    

(1,066)

    

(839)

    

(242)

Earnings available to cover fixed charges

   $

78,112 

   $

70,419 

   $

57,629 

   $

106,845 

   $

45,257 
     

   

   

   

   

Fixed charges:

    

   

   

   

   

Interest expense including amortization of deferred financing costs

   $

22,476 

   $

22,477 

   $

21,884 

   $

20,087 

   $

12,078 

Capitalized interest

    

- 

    

87 

    

1,066 

    

839 

    

242 

Total fixed charges

   $

22,476 

   $

22,564 

   $

22,950 

   $

20,926 

   $

12,320 

Ratio of Earnings to Fixed Charges

    

3.48 

    

3.12 

    

2.51 

    

5.11 

    

3.67