EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar Amounts in Thousands)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
Proforma 2003 | 2003 | 2002 | Proforma 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||||||
Net Income | $ | 17,771 | $ | 28,157 | $ | 14,082 | $ | 38,966 | $ | 26,237 | $ | 53,171 | $ | 28,749 | $ | 19,105 | $ | (19,034 | ) | |||||||||||||||||
Cumulative effect of accounting change | — | (12,324 | ) | — | — | — | 1,522 | — | — | — | ||||||||||||||||||||||||||
Provision for Income taxes | 12,179 | 10,889 | 9,034 | 24,977 | 16,732 | 34,388 | 16,765 | 5,332 | (7,075 | ) | ||||||||||||||||||||||||||
Fixed charges (see below) | 16,264 | 11,241 | 10,881 | 32,857 | 21,994 | 20,707 | 19,806 | 18,588 | 11,971 | |||||||||||||||||||||||||||
Interest capitalized | (2,411 | ) | (856 | ) | (1,381 | ) | (6,067 | ) | (2,387 | ) | (3,145 | ) | (3,818 | ) | (3,592 | ) | (3,056 | ) | ||||||||||||||||||
Total adjusted earnings available for payment of fixed charges | $ | 43,803 | $ | 37,107 | $ | 32,616 | $ | 90,733 | $ | 62,576 | $ | 106,643 | $ | 61,502 | $ | 39,433 | $ | (17,194 | ) | |||||||||||||||||
Ratio of earnings to fixed charges | 2.7 | 3.3 | 3.0 | 2.8 | 2.9 | 5.2 | 3.1 | 2.1 | — | (1) | ||||||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||||||||
Interest expense | $ | 13,491 | $ | 10,194 | $ | 9,418 | $ | 26,167 | $ | 19,377 | $ | 17,411 | $ | 15,885 | $ | 14,912 | $ | 8,828 | ||||||||||||||||||
Interest capitalized | 2,411 | 856 | 1,381 | 6,067 | 2,387 | 3,145 | 3,818 | 3,592 | 3,056 | |||||||||||||||||||||||||||
Rental expense representative of interest factor | 362 | 191 | 82 | 623 | 230 | 151 | 103 | 84 | 87 | |||||||||||||||||||||||||||
Total fixed charges | $ | 16,264 | $ | 11,241 | $ | 10,881 | $ | 32,857 | $ | 21,994 | $ | 20,707 | $ | 19,806 | $ | 18,588 | $ | 11,971 | ||||||||||||||||||
(1) | In the year ended December 31, 1998, total fixed charges exceeded total adjusted earnings available for payment of fixed charges by $29,165,000. |