Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the 12-month periods ending December 31, 2000, 2001 and 2002 and for the three month periods ending June 30, 2003 and 2002.
|
| Unaudited |
| Year Ended December 31, 31, |
| ||||||
|
| 2003 |
| 2002 |
| 2002 |
| 2001 |
| 2000 |
|
|
| (dollars in thousands, except ratios |
| ||||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
add back: |
| 228,958 |
| (15,754 | ) | 18,024 |
| 212,010 |
| 212,144 |
|
Share in results from associated companies |
| (15,538 | ) | 7,539 |
| 10,125 |
| (14,259 | ) | (5,536 | ) |
Pre-tax income from continuing subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
add: |
| 213,420 |
| (8,215 | ) | 28,149 |
| 197,751 |
| 206,608 |
|
Fixed charges |
| 18,931 |
| 21,082 |
| 43,062 |
| 59,763 |
| 61,080 |
|
Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributed income from equity method investees |
| — |
| — |
| — |
| — |
| — |
|
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges |
| — |
| — |
| — |
| — |
| — |
|
subtract: |
|
|
|
|
|
|
|
|
|
|
|
Interest capitalized |
| — |
| (955 | ) | (936 | ) | (871 | ) | — |
|
Preference dividends of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
|
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges. .: |
| — |
| — |
| — |
| — |
| — |
|
|
| 232,351 |
| 11,912 |
| 70,275 |
| 256,643 |
| 267,688 |
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
Interest expensed |
| 18,444 |
| 19,793 |
| 41,312 |
| 58,117 |
| 60,602 |
|
Interest capitalized |
| — |
| 955 |
| 936 |
| 871 |
| — |
|
Amortization of debt premiums, discounts and expenses |
| 487 |
| 334 |
| 814 |
| 775 |
| 478 |
|
Interest included in rental expense |
|
|
|
|
|
|
|
|
|
|
|
Preference dividends of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
|
|
| 18,931 |
| 21,082. |
| 43,062 |
| 59,763 |
| 61,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 12.27 |
| 0.57 |
| 1.63 |
| 4.29 |
| 4.38 |
|