EX-12.1 2 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS CALCULATION Ratio of Earnings to fixed charges and preferred share dividends calculation

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

 

 

     Fiscal year ended December 31
     2004
    2003
    2002
     2001
     2000
     As reported
    Restated
    As reported
    Restated
    As reported
     Restated
     As reported
     Restated
     As reported
    Restated

Earnings per Financial Statements

    $ 1,139,089    $ 1,152,686    $ 1,417,482    $ 1,482,923    $ 76,549     $ 99,882     $ (146,414 )   $ (180,819 )   $ 542,982    $ 517,123

Add (deduct):

                                                                          

Provision for income taxes

      275,683      286,443      278,347      310,707      (115,688 )     (111,542 )     (90,951 )     (100,831 )     93,908      80,841

Fixed charges

      211,035      211,035      205,758      205,758      215,161       215,161       219,849       219,849       242,783      242,783
    
  
  
  
  
 
 
 
 
  

Earnings for Computation

      1,625,807      1,650,164      1,901,587      1,999,388      176,022       203,501       (17,516 )     (61,801 )     879,673      840,747
    
  
  
  
  
 
 
 
 
  

Fixed Charges

                                                                          

Interest Expense

    $ 182,984    $ 182,984    $ 177,425    $ 177,425    $ 193,494     $ 193,494     $ 199,182     $ 199,182     $ 221,450    $ 221,450

One third of payments under operating leases

      28,051      28,051      28,333      28,333      21,667       21,667       20,667       20,667       21,333      21,333
    
  
  
  
  
 
 
 
 
  

Total Fixed Charges

    $ 211,035    $ 211,035    $ 205,758    $ 205,758    $ 215,161     $ 215,161     $ 219,849     $ 219,849     $ 242,783    $ 242,783
    
  
  
  
  
 
 
 
 
  

Ratio of Earnings to Fixed Charges

      7.7      7.8      9.2      9.7      (1)       (1)       (2)       (2)       3.6      3.5
    
  
  
  
  
 
 
 
 
  

Preferred Share Dividends

    $ 44,972    $ 44,972    $ 36,009    $ 36,009    $ 25,662     $ 25,662     $ 25,594     $ 25,594     $ 18,391    $ 18,391
    
  
  
  
  
 
 
 
 
  

Total Fixed Charges and Preferred Share Dividends

    $ 256,007    $ 256,007    $ 241,767    $ 241,767    $ 240,823     $ 240,823     $ 245,443     $ 245,443     $ 261,174    $ 261,174
    
  
  
  
  
 
 
 
 
  

Ratio of Earnings to Fixed Charges and Preferred Share Dividends

      6.4      6.4      7.9      8.3      (1)       (1)       (2)       (2)       3.4      3.2
    
  
  
  
  
 
 
 
 
  

 

(1) Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $12 million and combined fixed charges and preferred share dividends by $37 million.

(2) Earnings for the year ended December 31, 2001 were insufficient to cover fixed charges by $282 million and combined fixed charges and preferred share dividends by $307 million.