EX-12.1 30 ex12_1.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in thousands of U.S. dollars, except ratios) (Unaudited)
Year Ended December 31, ---------------------------------------------------------------------- 2002 2001 2000 1999 1998 ---------- ---------- ---------- ---------- ---------- EARNINGS: Net income (loss) $ 33,242 $118,024 $(504,660) $(59,904) $ 120,322 Minority interest in earnings of consolidated subsidiaries 4,871 5,865 1,944 3,695 5,305 Provision for income taxes 51,126 50,369 21,800 31,254 51,374 Fixed charges 87,460 122,313 146,348 131,742 101,842 ---------- ---------- ---------- ---------- ---------- Subtotal Earnings 176,699 296,571 (334,569) 106,787 278,843 Less: Undistributed earnings (loss) of less than 50% owned affiliates (290) 516 (1,189) (4,371) (3,550) ---------- ---------- ---------- ---------- ---------- Total $ 176,989 $ 296,055 $(333,380) $ 111,158 $ 282,393 ========== ========== ========== ========== ========== FIXED CHARGES: Gross interest expense $85,312 $ 119,390 $ 142,299 $ 129,072 $ 98,152 Interest element of rentals 2,148 2,923 4,049 2,670 3,690 ---------- ---------- ---------- ---------- ---------- Total $87,460 $ 122,313 $ 146,348 $ 131,742 $ 101,842 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 2.0 2.4 NM (a) NM (b) 2.8 ========== ========== ========== ========== ========== (a) For the fiscal year ended December 31, 2000, the Company's fixed charges exceeded its earnings by $479.7 million. (b) For the fiscal year ended December 31, 1999, the Company's fixed charges exceeded its earnings by $20.6 million. In the computation of the Company's ratio of earnings to fixed charges, earnings consist of earnings before income taxes, plus fixed charges, less undistributed earnings (loss) of less than 50% owned affiliates. Fixed charges consist of interest expense and a reasonable approximation of the interest component included in rental expense.