Exhibit 12
US GAAP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, | Six Months ended June 30, | |||||||||||||
1998 | 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | ||||||||
(thousands of US dollars) | ||||||||||||||
Earnings | ||||||||||||||
Pre-Tax earnings | 81,262 | 277,694 | 397,378 | 192,649 | 336,638 | 152,897 | 242,884 | |||||||
Interest expense | 76,008 | 51,526 | 62,201 | 62,362 | 61,692 | 33,732 | 23,624 | |||||||
Income from equity investment | 1,141 | 4,829 | 1,377 | 1,463 | 2,558 | 1,094 | 1,759 | |||||||
Total earnings | 158,411 | 334,049 | 460,956 | 256,474 | 400,888 | 187,723 | 268,267 | |||||||
Fixed charges | ||||||||||||||
Interest expense | 76,008 | 51,526 | 62,201 | 62,362 | 61,692 | 33,732 | 23,624 | |||||||
Capitalized interest | 26,114 | 31,393 | 34,027 | 46,053 | 53,987 | 24,316 | 29,387 | |||||||
Bond discount and issue costs amortization | 1,792 | 1,792 | 2,035 | 3,568 | 3,613 | 1,165 | 1,128 | |||||||
Total fixed charges | 103,914 | 84,711 | 98,263 | 111,983 | 119,292 | 59,213 | 54,139 | |||||||
Ratio of earnings to fixed charges | 1.5 | 3.9 | 4.7 | 2.3 | 3.4 | 3.2 | 5.0 |