EX-12.1 4 l96835exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS EX-12.1: COMPUTATION OF RATIO OF EARNINGS
 

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

                                                 
Twelve Months Ended December 31,
Six Months Ended
June 30, 2002 2001 2000 1999 1998 1997






Income (Loss) before income taxes, extraordinary item and cumulative effect of accounting changes
  $ 22,361     $ (26,883 )   $ 70,597     $ 98,991     $ 185,350     $ 266,592  
Amortization of capitalized interest
    1,450       2,810       2,444       2,432       2,437       2,213  
Interest expense
    15,924       33,401       31,922       27,225       26,502       21,432  
Interest portion of rental expense
    749       2,585       3,254       3,401       3,260       3,267  
     
     
     
     
     
     
 
Earnings
  $ 40,484     $ 11,913     $ 108,217     $ 132,049     $ 217,549     $ 293,504  
     
     
     
     
     
     
 
Interest
  $ 16,107     $ 34,824     $ 33,276     $ 30,877     $ 31,265     $ 23,608  
Interest portion of rental expense
    749       2,111       3,254       3,401       3,260       3,267  
     
     
     
     
     
     
 
Fixed Charges
  $ 16,856     $ 36,935     $ 36,530     $ 34,278     $ 34,525     $ 26,875  
     
     
     
     
     
     
 
Ratio of Earnings to Fixed Charges
    2.40       (1 )     2.96       3.85       6 .30       10.92  
     
     
     
     
     
     
 


(1)  Earnings were inadequate to cover fixed charges for the twelve-month period ended December 31, 2001. The coverage deficiency totaled $25,022,000 for that period.