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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | Nine months ended September 30, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | |||||||||
Earnings | |||||||||||||||
Add: | |||||||||||||||
Pretax income | 61,658 | 102,338 | 66,142 | 21,449 | 24,286 | 95,416 | |||||||||
Fixed charges | 29,639 | 23,944 | 19,504 | 23,342 | 24,869 | 33,691 | |||||||||
Amort of capitalized interest | 538 | 264 | 278 | 317 | 402 | 293 | |||||||||
Dividends of Equity Investees | 9,029 | 6,705 | 1,889 | 11,569 | 1,545 | 5,279 | |||||||||
Equity losses of JVs with guaranteed debt | (1,338 | ) | — | — | (331 | ) | (3 | ) | — | ||||||
Less: | |||||||||||||||
Interest capitalized | (639 | ) | (760 | ) | (1,092 | ) | (2,272 | ) | (645 | ) | (532 | ) | |||
Minority interest in income with no fixed charges: | |||||||||||||||
Total minority interest in (income)/loss | (3,393 | ) | (372 | ) | (226 | ) | (517 | ) | (483 | ) | 103 | ||||
Minority interest in income w/ fixed charges | 3,230 | 149 | 170 | 125 | 124 | — | |||||||||
Minority interest in losses | (286 | ) | (28 | ) | (23 | ) | — | (4 | ) | (464 | ) | ||||
98,438 | 132,240 | 86,642 | 53,682 | 50,091 | 133,786 | ||||||||||
Fixed Charges | |||||||||||||||
Interest expense | 27,450 | 21,998 | 17,064 | 19,313 | 22,485 | 31,682 | |||||||||
Capitalized interest | 639 | 760 | 1,092 | 2,272 | 645 | 532 | |||||||||
Interest in rental expense | 1,550 | 1,186 | 1,348 | 1,757 | 1,739 | 1,477 | |||||||||
29,639 | 23,944 | 19,504 | 23,342 | 24,869 | 33,691 | ||||||||||
Ratio of Earnings to Fixed Charges | 3.32123 | 5.52289 | 4.44227 | 2.29980 | 2.01419 | 3.97097 | |||||||||
Computation of Ratio of Earnings to Fixed Charges