EX-12.1 6 a2139918zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 STATEMENT REGARDING THE COMPUTATION OF RATIO OF FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS
Six months to Fiscal year ended December 31 June 30, 2004 2003 2002 2001 2000 1999 ----------------------------------------------------------------------------------- Earnings per Financial Statements 859,834 1,417,482 76,549 (146,414) 542,982 364,963 Add (deduct): Provision for income taxes 250,924 278,347 (115,688) (90,951) 93,908 28,684 Fixed charges 103,171 205,758 215,161 219,849 242,783 126,138 ----------------------------------------------------------------------------------- Earnings for Computation 1,213,929 1,901,587 176,022 (17,516) 879,673 519,785 =================================================================================== FIXED CHARGES Interest Expense 90,671 177,425 193,494 199,182 221,450 105,138 One third of payments under operating leases 12,500 28,333 21,667 20,667 21,333 21,000 ----------------------------------------------------------------------------------- Total Fixed Charges 103,171 205,758 215,161 219,849 242,783 126,138 =================================================================================== Ratio of Earnings to Fixed Charges 11.8x 9.2x (1) (2) 3.6x 4.1x =================================================================================== Preferred Share Dividends - 22,548 36,009 25,662 25,594 18,391 ----------------------------------------------------------------------------------- Total Fixed Charges and Preferred Share Dividends 125,719 241,767 240,823 245,443 261,174 126,138 =================================================================================== (1) (2) Ratio of Earnings to Fixed Charges and Preferred Share Dividends 9.7x 7.9x 3.4x 4.1x ===================================================================================
(1) Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $39 million and combined fixed charges and preferred share dividends by $65 million. (2) Earnings for the year ended December 31, 2001 were insufficient to cover fixed charges by $237 million and combined fixed charges and preferred share dividends by $263 million.