EX-12.1 54 f80168ex12-1.txt EXHIBIT 12.1 EXHIBIT 12.1
YEAR YEAR ENDED DECEMBER 31, ENDED DECEMBER 31, 1996 1997 1998 1999 2000 2001 ------ ------- ------- ------- -------- -------- (IN THOUSANDS) COMPUTATION OF EARNINGS: Pretax income before adjustment for minority interests in consolidated subsidiaries and income or loss from equity investees 14,023 38,281 36,106 140,454 618,298 977,696 Fixed Charges 50,374 78,039 109,021 165,354 349,006 765,041 Amortization of Capitalized Interest -- -- 136 331 447 2,619 Distributed Income of Equity Investees 1,274 21,042 27,717 43,318 29,979 5,983 Interest Capitalized -- (6,200) (7,000) (47,300) (206,973) (498,723) Minority interest in pretax income of subsidiaries that have not incurred fixed charges -- -- -- 265 (895) -- Total Earnings 65,671 131,162 165,980 302,422 789,862 1,252,616 COMPUTATION OF FIXED CHARGES: Interest expensed and capitalized 46,996 72,987 102,732 150,548 281,656 664,083 Estimate of interest within rental expense 3,378 5,052 6,289 12,241 23,140 39,624 Distributions on HIGH TIDES -- -- -- 2,565 44,210 61,334 Total fixed charges 50,374 78,039 109,021 165,354 349,006 765,041 RATIO OF EARNINGS TO FIXED CHARGES 1.30x 1.68x 1.52x 1.83x 2.26x 1.64