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 2004 | 2004 | 2003 | Proforma 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||||
Net Income | $ | 25,594 | $ | 29,291 | $ | 29,827 | $ | 31,700 | $ | 59,411 | $ | 26,237 | $ | 53,171 | $ | 28,749 | $ | 19,105 | ||||||||||||||||||
Cumulative effect of accounting change | — | — | (12,324 | ) | — | (12,324 | ) | — | 1,522 | — | — | |||||||||||||||||||||||||
Provision for Income taxes | 16,226 | 18,649 | 12,037 | 22,674 | 33,452 | 16,732 | 34,388 | 16,765 | 5,332 | |||||||||||||||||||||||||||
Fixed charges (see below) | 28,578 | 18,623 | 11,241 | 73,038 | 27,618 | 21,994 | 20,707 | 19,806 | 18,588 | |||||||||||||||||||||||||||
Interest capitalized | (6,978 | ) | (2,799 | ) | (856 | ) | (13,695 | ) | (3,232 | ) | (2,387 | ) | (3,145 | ) | (3,818 | ) | (3,592 | ) | ||||||||||||||||||
Total adjusted earnings available for payment of fixed charges | $ | 63,420 | $ | 63,764 | $ | 39,925 | $ | 113,717 | $ | 104,925 | $ | 62,576 | $ | 106,643 | $ | 61,502 | $ | 39,433 | ||||||||||||||||||
Ratio of earnings to fixed charges | 2.2 | 3.4 | 3.6 | 1.6 | 3.8 | 2.8 | 5.2 | 3.1 | 2.1 | |||||||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||||||||
Interest expense | $ | 20,713 | $ | 15,537 | $ | 10,194 | $ | 57,096 | $ | 23,778 | $ | 19,377 | $ | 17,411 | $ | 15,885 | $ | 14,912 | ||||||||||||||||||
Interest capitalized | 6,978 | 2,799 | 856 | 13,695 | 3,232 | 2,387 | 3,145 | 3,818 | 3,592 | |||||||||||||||||||||||||||
Rental expense representative of interest factor | 887 | 287 | 191 | 2,247 | 608 | 230 | 151 | 103 | 84 | |||||||||||||||||||||||||||
Total fixed charges | $ | 28,578 | $ | 18,623 | $ | 11,241 | $ | 73,038 | $ | 27,618 | $ | 21,994 | $ | 20,707 | $ | 19,806 | $ | 18,588 | ||||||||||||||||||