EX-12.1 2 ex12-1.txt EXHIBIT 12.1 1 EXHIBIT 12.1 STATEMENT ON COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ----------------------------------------------------- Six Months Ended 1995 1996 1997 1998 1999 June 30, 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 $101,190 Fixed charges .................... 33,626 49,762 74,489 102,606 157,254 131,586 Amortization of capitalized interest ....................... -- -- -- 136 331 209 Distributed income of equity investees ...................... -- 1,274 21,042 27,717 43,318 19,413 Interest capitalized ............. -- -- (6,200) (7,000) (47,300) (67,314) Minority interest in pretax income of subsidiaries that have not incurred fixed charges ........................ -- -- -- -- 265 (41) ------- ------- -------- -------- -------- -------- Total earnings $48,907 $72,255 $126,671 $171,592 $275,492 $185,043 ======= ======= ======== ======== ======== ======== COMPUTATION OF FIXED CHARGES: ----------------------------- Interest expensed and capitalized .................... $32,877 $46,384 $ 69,437 $ 96,317 $142,448 $108,426 Estimate of interest within rental expense ................. 749 3,378 5,052 6,289 12,241 7,097 Distributions on HIGH TIDES ...... -- -- -- -- 2,565 16,063 ------- ------- -------- -------- -------- -------- Total fixed charges .............. $33,626 $49,762 $ 74,489 $102,606 $157,254 $131,586 ======= ======= ======== ======== ======== ======== Ratio of earnings to fixed charges ........................ 1.45x 1.45x 1.70x 1.67x 1.75x 1.41x