EX-12.1 5 g02113asexv12w1.txt EX-12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 Computation of Ratios of Earnings to Fixed Charges The following table presents our historical ratios of earnings to fixed charges for each of the periods indicated:
THREE MONTHS YEARS ENDED DECEMBER 31, ENDED ---------------------------------------------------- MARCH 31, 2006 2005 2004 2003 2002 2001 -------------- -------- -------- -------- -------- -------- (IN THOUSANDS EXCEPT RATIO DATA) Earnings: Net income from continuing operations before income taxes, extraordinary items, and cumulative effect of change in accounting principle.................. $75,729 $178,115 $(58,034) $163,327 $248,506 $333,080 Fixed Charges................. 4,421 17,679 18,100 18,046 16,942 16,555 Capitalized Interest.......... (401) (1,720) (1,185) (1,180) (1,127) (1,256) ------- -------- -------- -------- -------- -------- 79,749 194,074 (41,119) 180,193 264,321 348,379 ======= ======== ======== ======== ======== ======== Fixed Charges: Interest expense.............. 2,984 11,931 12,588 13,396 12,419 12,684 Capitalized interest.......... 401 1,720 1,185 1,180 1,127 1,256 Portion of rents representative of interest factor..................... 1,036 4,028 4,327 3,470 3,396 2,615 ------- -------- -------- -------- -------- -------- $ 4,421 $ 17,679 $ 18,100 $ 18,046 $ 16,942 $ 16,555 ======= ======== ======== ======== ======== ======== Ratio of earnings to fixed charges (a)................... 18.0x 11.0x (b) 10.0x 15.6x 21.0x
(a) For purposes of computing this consolidated ratio, earnings consist of income before: - income taxes, extraordinary items, cumulative effect of change in accounting principle and - fixed charges excluding capitalized interest. Fixed charges consist of: - all interest expense; - the portion of net rental expense which is deemed representative of the interest factor; - the amortization expense of debt issuance costs; and - capitalized interest. (b) Earnings, as adjusted, were inadequate to cover fixed charges by $59,219. The following table presents our pro forma ratios of earnings to fixed charges for each of the periods indicated:
Three Months Ended Year Ended March 31, 2006 December 31, 2005 -------------- ----------------- (In thousands except ratio data) Earnings: Net income from continuing operations before income taxes, extraordinary items, and cumulative effect of change in accounting principle..................................... $76,983 $183,170 Fixed Charges............................................... 3,167 12,624 Capitalized Interest........................................ (401) (1,720) ------- -------- 79,749 194,074 ======= ======== Fixed Charges: Interest expense............................................ 1,730 6,876 Capitalized interest........................................ 401 1,720 Portion of rents representative of interest factor.......... 1,036 4,028 ------- -------- $ 3,167 $ 12,624 ======= ======== Pro forma ratio of earnings to fixed charges (a).............. 25.2x 15.4x
(a) For purposes of computing this consolidated ratio, earnings consist of income before: - income taxes, extraordinary items, cumulative effect of change in accounting principle and - fixed charges excluding capitalized interest. Fixed charges consist of: - all interest expense; - the portion of net rental expense which is deemed representative of the interest factor; - the amortization expense of debt issuance costs; and - capitalized interest.