EX-12.1 5 ex12-1.txt EXHIBIT 12.1 1 EXHIBIT 12.1 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31, QUARTER ENDED --------------------------------------------- -------------- 1995 1996 1997 1998 1999 MARCH 31, 2000 ------ ------ ------- ------- ------- -------------- (IN THOUSANDS) COMPUTATION OF EARNINGS: ------------------------ Pretax income before adjustment for minority interests in consolidated subsidiaries and income or loss from equity investees...................... 15,281 21,219 37,340 48,133 121,624 20,257 Fixed charges.................... 33,626 49,762 74,489 102,606 157,254 61,720 Amortization of capitalized interest....................... -- -- -- 136 331 103 Distributed income of equity investees...................... -- 1,274 21,042 27,717 43,318 10,260 Interest capitalized............. -- -- (6,200) (7,000) (47,300) (29,875) Minority interest in pretax income of subsidiaries that have not incurred fixed charges........................ -- -- -- -- 265 339 ------ ------ ------- ------- ------- ------- Total earnings................... 48,907 72,255 126,671 171,592 275,492 62,804 ====== ====== ======= ======= ======= ======= COMPUTATION OF FIXED CHARGES: ----------------------------- Interest expensed and capitalized.................... 32,877 46,384 69,437 96,317 142,448 51,202 Estimate of interest within rental expense................. 749 3,378 5,052 6,289 12,241 3,540 Distributions on HIGH TIDES...... -- -- -- -- 2,565 6,978 ------ ------ ------- ------- ------- ------- Total fixed charges.............. 33,626 49,762 74,489 102,606 157,254 61,720 ====== ====== ======= ======= ======= ======= Ratio of earnings to fixed charges........................ 1.45x 1.45x 1.70x 1.67x 1.75x 1.02x