EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months 2003 (1) | Year Ended December 31 | |||||||||||||||||||
2002 | 2001 | 2000 | 1999 (1) | 1998 | ||||||||||||||||
(in millions, except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income (Loss) Before Income Tax and Cumulative Effect of Accounting Principle Change | $ | (241.4 | ) | $ | 610.9 | $ | 762.1 | $ | 826.7 | $ | (165.5 | ) | $ | 920.2 | ||||||
Fixed Charges | 96.5 | 180.3 | 189.0 | 197.1 | 155.2 | 138.3 | ||||||||||||||
Adjusted Earnings | $ | (144.9 | ) | $ | 791.2 | $ | 951.1 | $ | 1,023.8 | $ | (10.3 | ) | $ | 1,058.5 | ||||||
Fixed Charges | ||||||||||||||||||||
Interest and Debt Expense | $ | 87.4 | $ | 162.4 | $ | 169.6 | $ | 181.8 | $ | 137.8 | $ | 119.9 | ||||||||
Amortization of Deferred Debt Costs | 2.4 | 3.3 | 7.1 | 2.4 | 2.4 | 3.3 | ||||||||||||||
Portion of Rents Deemed Representative of Interest | 6.7 | 14.6 | 12.3 | 12.9 | 15.0 | 15.1 | ||||||||||||||
Total Fixed Charges | $ | 96.5 | $ | 180.3 | $ | 189.0 | $ | 197.1 | $ | 155.2 | $ | 138.3 | ||||||||
Ratio of Earnings to Fixed Charges | (1.5 | ) | 4.4 | 5.0 | 5.2 | (0.1 | ) | 7.7 |
(1) | Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $241.4 million for the six months ended June 30, 2003 and $165.5 million for 1999. |