EX-12.1 4 f80342a1exv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1
THREE MONTHS YEAR ENDED DECEMBER 31, ENDED MARCH 31, 1997 1998 1999 2000 2001 2002 -------- -------- -------- -------- -------- -------- (IN THOUSANDS) COMPUTATION OF EARNINGS: Pretax income before adjustment for minority interests in consolidated subsidiaries and income or loss from equity investees 38,281 36,106 140,454 618,298 977,696 (118,979) Fixed Charges 78,039 109,021 165,354 349,006 765,041 251,845 Amortization of Capitalized Interest -- 136 331 447 2,619 1,439 Distributed Income of Equity Investees 21,042 27,717 43,318 29,979 5,983 9 Interest Capitalized (6,200) (7,000) (47,300) (206,973) (498,723) (163,103) Minority interest in pretax income of subsidiaries that have not incurred fixed charges -- -- 265 (895) -- -- Total Earnings 131,162 165,980 302,422 789,862 1,252,616 (28,789) COMPUTATION OF FIXED CHARGES: Interest expensed and capitalized 72,987 102,732 150,548 281,656 664,083 224,414 Estimate of interest within rental expense 5,052 6,289 12,241 23,140 39,624 12,045 Distributions on HIGH TIDES -- -- 2,565 44,210 61,334 15,386 Total fixed charges 78,039 109,021 165,354 349,006 765,041 251,845 RATIO OF EARNINGS TO FIXED CHARGES 1.68x 1.52x 1.83x 2.26x 1.64x -- Coverage deficiency -- -- -- -- -- 280,634