| Year Ended December 31, | ||||||||||||||||||||
| 2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 262,596 | $ | 457,927 | $ | 343,660 | $ | 555,815 | $ | 678,900 | ||||||||||
| Fixed charges (see below) | 420,092 | 355,587 | 372,779 | 418,950 | 704,328 | |||||||||||||||
| Less: Capitalized interest | (78,608 | ) | (61,712 | ) | (15,234 | ) | (23,005 | ) | (29,527 | ) | ||||||||||
| Less: Capitalized interest of unconsolidated affiliates | (3,343 | ) | (9,543 | ) | (9,112 | ) | — | (1,067 | ) | |||||||||||
| 600,737 | 742,259 | 692,093 | 951,760 | 1,352,634 | ||||||||||||||||
Fixed Charges | ||||||||||||||||||||
| Interest expense(1) | 414,379 | 345,448 | 352,820 | 401,391 | 685,686 | |||||||||||||||
| Interest expense of unconsolidated subsidiaries | 5,713 | 10,139 | 19,959 | 17,559 | 18,642 | |||||||||||||||
| 420,092 | 355,587 | 372,779 | 418,950 | 704,328 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 1.43x | 2.09x | 1.86x | 2.27x | 1.92x | |||||||||||||||
| (1) | Gross interest expense, before capitalized interest, including amortization of debt discount and debt issuance costs. Does not include the interest factor of rental expense as these amounts are not material. |
