EX-12.1 23 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

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

 

     Fiscal year ended December 31

     2005

   2004

   2003

   2002

    2001

    2000

Earnings per Financial Statements

   $ 1,029,374    $ 1,152,686    $ 1,482,923    $ 99,882     $ (180,819 )   $ 517,123

Add (deduct):

                                           

Provision for income taxes

     268,861      286,443      310,707      (111,542 )     (100,831 )     80,841

Fixed charges

     201,885      211,035      205,758      215,161       219,849       242,783
    

  

  

  


 


 

Earnings for Computation

     1,500,120      1,650,164      1,999,388      203,501       (61,801 )     840,747
    

  

  

  


 


 

Fixed Charges

                                           

Interest Expense

   $ 174,029    $ 182,984    $ 177,425    $ 193,494     $ 199,182     $ 221,450

One third of payments under operating leases

     27,856      28,051      28,333      21,667       20,667       21,333
    

  

  

  


 


 

Total Fixed Charges

   $ 201,885    $ 211,035    $ 205,758    $ 215,161     $ 219,849     $ 242,783
    

  

  

  


 


 

Ratio of Earnings to Fixed Charges

     7.4      7.8      9.7        (1)       (2)     3.5
    

  

  

  


 


 

Preferred Share Dividends

   $ 44,850    $ 44,972    $ 36,009    $ 25,662     $ 25,594     $ 18,391
    

  

  

  


 


 

Total Fixed Charges an Preferred Share Dividends

   $ 246,735    $ 256,007    $ 241,767    $ 240,823     $ 245,443     $ 261,174
    

  

  

  


 


 

Ratio of Earnings to Fixed Charges and Preferred Share Dividends

     6.1      6.4      8.3        (1)       (2)     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.