Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends
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| Nine months to |
| Fiscal year ended December 31 |
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2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 | |||||||||||
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Earnings per Financial Statements |
| $ | 792,344 |
| $ | 1,152,686 |
| $ | 1,482,923 |
| $ | 99,882 |
| $ | (180,819 | ) | $ | 517,123 |
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Add (deduct): |
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Provision for income taxes |
| 268,594 |
| 286,443 |
| 310,707 |
| (111,542 | ) | (100,831 | ) | 80,841 |
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Fixed charges |
| 146,369 |
| 211,035 |
| 205,758 |
| 215,161 |
| 219,849 |
| 242,783 |
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Earnings for Computation |
| 1,207,307 |
| 1,650,164 |
| 1,999,388 |
| 203,501 |
| (61,801 | ) | 840,747 |
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Fixed Charges |
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Interest Expense |
| $ | 128,369 |
| $ | 182,984 |
| $ | 177,425 |
| $ | 193,494 |
| $ | 199,182 |
| $ | 221,450 |
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One third of payments under operating leases |
| 18,000 |
| 28,051 |
| 28,333 |
| 21,667 |
| 20,667 |
| 21,333 |
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Total Fixed Charges |
| $ | 146,369 |
| $ | 211,035 |
| $ | 205,758 |
| $ | 215,161 |
| $ | 219,849 |
| $ | 242,783 |
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Ratio of Earnings to Fixed Charges |
| 8.2 |
| 7.8 |
| 9.7 |
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| (1) |
| (2) | 3.5 |
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Preferred Share Dividends |
| $ | 33,761 |
| $ | 44,972 |
| $ | 36,009 |
| $ | 25,662 |
| $ | 25,594 |
| $ | 18,391 |
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Total Fixed Charges and Preferred Share Dividends |
| $ | 180,130 |
| $ | 256,007 |
| $ | 241,767 |
| $ | 240,823 |
| $ | 245,443 |
| $ | 261,174 |
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Ratio of Earnings to Fixed Charges and Preferred Share Dividends |
| 6.7 |
| 6.4 |
| 8.3 |
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| (1) |
| (2) | 3.2 |
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(1) Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $12 million and combined fixed charges and preferred share dividends by $37 million.
(2) Earnings for the year ended December 31, 2001 were insufficient to cover fixed charges by $282 million and combined fixed charges and preferred share dividends by $307 million.