EXHIBIT 12.2
PIFCo
STATEMENT AS TO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
In Thousands of U.S. Dollars | Six Months Ended June 30, 2004 | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||
Income (loss) before income taxes and minority interest | 20,393 | 26,329 | (20,331 | ) | (65,462 | ) | (3,011 | ) | (73,157 | ) | ||||||
Add fixed charges as adjusted (from below) | 142,232 | 219,637 | 187,020 | 298,737 | 468,782 | 293,319 | ||||||||||
Earnings | 162,625 | 245,966 | 166,689 | 233,275 | 465,771 | 220,162 | ||||||||||
Fixed Charges: | ||||||||||||||||
Interest Expense: | ||||||||||||||||
Interest on Indebtedness | 142,232 | 219,637 | 178,979 | 287,856 | 460,151 | 287,938 | ||||||||||
Dividends declared | ||||||||||||||||
Capitalized | 2,432 | |||||||||||||||
Amortization of debt costs | 8,041 | 10,881 | 8,631 | 5,381 | ||||||||||||
Fixed charges before adjustments | 142,232 | 219,637 | 187,020 | 301,160 | 468,782 | 293,319 | ||||||||||
Less capitalized interest | (2,423 | ) | ||||||||||||||
Fixed charges as adjusted | 142,232 | 219,637 | 187,020 | 298,737 | 468,782 | 293,319 | ||||||||||
Ratio (earnings divided by fixed charges before adjustments) | 1.14 | 1.29 | 0.89 | 0.77 | 0.99 | 0.75 |