Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands):
Three months | ||||||||||||||||||||||||
ended | Years ended December 31, | |||||||||||||||||||||||
(Dollars in thousands) | March 31, 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before assessments | $ | 85,360 | $ | 312,467 | $ | 221,543 | $ | 62,360 | $ | 318,623 | $ | 384,514 | ||||||||||||
Fixed Charges | 844,135 | 2,726,073 | 1,658,480 | 1,761,932 | 2,210,153 | 3,460,880 | ||||||||||||||||||
Total Earnings | $ | 929,495 | $ | 3,038,540 | $ | 1,880,023 | $ | 1,824,292 | $ | 2,528,776 | $ | 3,845,394 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense | $ | 844,135 | $ | 2,726,073 | $ | 1,658,480 | $ | 1,761,932 | $ | 2,210,153 | $ | 3,460,880 | ||||||||||||
Estimated interest component of other expenses | 250 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||
Total Fixed Charges | $ | 844,385 | $ | 2,727,073 | $ | 1,659,480 | $ | 1,762,932 | $ | 2,211,153 | $ | 3,461,880 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.10 | 1.11 | 1.13 | 1.03 | 1.14 | 1.11 | ||||||||||||||||||