EX-12.1 12 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

Exhibit 12.1

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

 

     Fiscal year ended December 31  
     2006    2005    2004    2003    2002     2001  

Earnings per Financial Statements

    $ 2,305,169    $ 1,028,241    $ 1,152,686    $ 1,482,923    $ 99,882     $ (180,819 )

Add (deduct):

                 

Provision for income taxes

      523,267      272,557      286,443      310,707      (111,542 )     (100,831 )

Fixed charges

      199,811      201,885      211,035      205,758      215,161       219,849  
                                            

Earnings for Computation

    $ 3,028,247    $ 1,502,683    $ 1,650,164    $ 1,999,388    $ 203,501     $ (61,801 )
                                            

Fixed Charges

                 

Interest Expense

    $ 175,698    $ 174,029    $ 182,984    $ 177,425    $ 193,494     $ 199,182  

One third of payments under operating leases

      24,113      27,856      28,051      28,333      21,667       20,667  
                                            

Total Fixed Charges

    $ 199,811    $ 201,885    $ 211,035    $ 205,758    $ 215,161     $ 219,849  
                                            

Ratio of Earnings to Fixed Charges

      15.2      7.4      7.8      9.7      (1)       (2)  
                                            

Preferred Share Dividends

    $ 44,851    $ 44,850    $ 44,972    $ 36,009    $ 25,662     $ 25,594  

Total Fixed Charges and Preferred Share Dividends

    $ 244,662    $ 246,735    $ 256,007    $ 241,767    $ 240,823     $ 245,443  
                                            

Ratio of Earnings to Fixed Charges and

                 

Preferred Share Dividends

      12.4      6.1      6.4      8.3      (1)       (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.