EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
|
| Six Months Ended |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
| June 30, |
| For the Year Ended December 31, |
| |||||||||||||||||
|
| 2005 |
| 2004 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
EARNINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from continuing operations before taxes, minority interest, and accounting change |
| $ | 183,173 |
| $ | 213,584 |
| $ | 397,901 |
| $ | 372,606 |
| $ | 116,325 |
| $ | 91,762 |
| $ | 82,717 |
|
Add — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed charges |
| 25,538 |
| 17,456 |
| 32,118 |
| 48,687 |
| 63,164 |
| 67,316 |
| 44,812 |
| |||||||
Less — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Preferred dividend requirement of consolidated subsidiary |
| — |
| — |
| — |
| — |
| (4,140 | ) | (9,999 | ) | (9,965 | ) | |||||||
Capitalized interest |
| (4,910 | ) | (8,016 | ) | (14,216 | ) | (16,531 | ) | (24,033 | ) | (33,242 | ) | (20,918 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total earnings |
| $ | 203,801 |
| $ | 223,024 |
| $ | 415,803 |
| $ | 404,762 |
| $ | 151,316 |
| $ | 115,837 |
| $ | 96,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense |
| $ | 24,061 |
| $ | 16,071 |
| $ | 29,333 |
| $ | 46,360 |
| $ | 57,450 |
| $ | 56,259 |
| $ | 34,064 |
|
Preferred dividend requirement of consolidated subsidiary |
| — |
| — |
| — |
| — |
| 4,140 |
| 9,999 |
| 9,965 |
| |||||||
Portion of rental expense representing interest |
| 1,477 |
| 1,385 |
| 2,785 |
| 2,327 |
| 1,574 |
| 1,058 |
| 783 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total fixed charges |
| $ | 25,538 |
| $ | 17,456 |
| $ | 32,118 |
| $ | 48,687 |
| $ | 63,164 |
| $ | 67,316 |
| $ | 44,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
RATIO OF EARNINGS TO FIXED CHARGES |
| 8.0 | x | 12.8 | x | 12.9 | x | 8.3 | x | 2.4 | x | 1.7 | x | 2.2 | x |