Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended | ||||||||||||||||||||||||||||
Year Ended December 31, | June 30, | |||||||||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | 2006 | 2007 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income before income taxes | $ | 155,833 | $ | 31,657 | $ | 111,890 | $ | 326,102 | $ | 90,523 | $ | 69,104 | $ | 157,753 | ||||||||||||||
Fixed charges | 27,393 | 58,594 | 70,724 | 114,965 | 202,074 | 79,085 | 142,112 | |||||||||||||||||||||
Amortization of capitalized interest | — | — | 90 | 408 | 843 | 326 | 753 | |||||||||||||||||||||
Capitalized interest | — | (127 | ) | (2,919 | ) | (3,564 | ) | (17,503 | ) | (4,045 | ) | (12,878 | ) | |||||||||||||||
Total earnings available for fixed charges: | $ | 183,226 | $ | 90,124 | $ | 179,785 | $ | 437,911 | $ | 275,937 | $ | 144,470 | $ | 287,740 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (1) | $ | 6,720 | $ | 11,115 | $ | 19,030 | $ | 58,033 | $ | 115,985 | $ | 42,597 | $ | 98,144 | ||||||||||||||
Portion of rent expense representative of interest (2) | 7,974 | 9,525 | 12,552 | 17,202 | 28,199 | 12,552 | 18,683 | |||||||||||||||||||||
Capitalized interest | — | 127 | 2,919 | 3,564 | 17,503 | 4,045 | 12,878 | |||||||||||||||||||||
Net preferred stock dividends (3) | 12,699 | 37,827 | 36,223 | 36,166 | 40,387 | 19,891 | 12,407 | |||||||||||||||||||||
Total fixed charges: | $ | 27,393 | $ | 58,594 | $ | 70,724 | $ | 114,965 | $ | 202,074 | $ | 79,085 | $ | 142,112 | ||||||||||||||
Ratio of earnings to fixed charges: | 6.69x | 1.54x | 2.54x | 3.81x | 1.37x | 1.83x | 2.02x | |||||||||||||||||||||
(1) | Interest expense includes amortization of deferred debt issuance costs and discounts related to indebtedness. | |
(2) | The portion of operating rental expense that management believes is representative of interest is estimated to be 33%. | |
(3) | Net preferred stock dividends are the company’s preferred dividend expense net of income tax benefit. |