EX-12.1 3 dex121.txt COMPUTATION OF RATIO EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands)
Nine Months Ended September 30, Year Ended December 31, ------------------------- ---------------------------------------------------------- Proforma Proforma 2002 2002 2001 2001 2001 2000 1999 1998 1997 -------- ------- ------- -------- -------- ------- ------- -------- ------- Net Income............. $19,963 $21,500 $45,599 $ 51,333 $ 53,171 $28,749 $19,105 $(19,034) $18,133 Cumulative effect of accounting change..... -- -- 1,522 -- 1,522 -- -- -- -- Provision for Income taxes................. 12,773 13,757 29,623 32,275 34,388 16,765 5,332 (7,075) 12,280 Fixed charges (see below)................ 18,128 16,428 15,417 24,230 20,707 19,806 18,588 11,971 7,671 Interest capitalized... (1,513) (1,873) (2,369) (2,100) (3,145) (3,818) (3,592) (3,056) (2,462) ------- ------- ------- -------- -------- ------- ------- -------- ------- Total adjusted earnings available for payment of fixed charges...... $49,351 $49,812 $89,792 $105,738 $106,643 $61,502 $39,433 $(17,194) $35,622 ======= ======= ======= ======== ======== ======= ======= ======== ======= Ratio of earnings to fixed charges......... 2.7 3.0 5.8 4.4 5.2 3.1 2.1 -- (1) 4.6 Fixed Charges.......... Interest expense.... $16,487 $14,427 $12,942 $ 21,979 $ 17,411 $15,885 $14,912 $ 8,828 $ 5,113 Interest capitalized........ 1,513 1,873 2,369 2,100 3,145 3,818 3,592 3,056 2,462 Rental expense representative of interest factor.... 128 128 106 151 151 103 84 87 96 ------- ------- ------- -------- -------- ------- ------- -------- ------- Total fixed charges............ $18,128 $16,428 $15,417 $ 24,230 $ 20,707 $19,806 $18,588 $ 11,971 $ 7,671 ======= ======= ======= ======== ======== ======= ======= ======== =======
-------- (1) In the year ended December 31, 1998, total fixed charges exceeded total adjusted earnings available for payment of fixed charges by $29,165,000.