Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||
(in thousands) | |||||||||||||||
Earnings: | |||||||||||||||
Income from continuing operations before income taxes and equity in net income (loss) of affiliates | $ | 55,579 | $ | 47,837 | $ | 35,667 | $ | 86,758 | $ | 33,179 | |||||
Fixed charges | 22,476 | 22,564 | 22,950 | 20,926 | 12,320 | ||||||||||
Distributed income of equity investees | 57 | 105 | 78 | - | - | ||||||||||
Less: Interest capitalized | - | (87) | (1,066) | (839) | (242) | ||||||||||
Earnings available to cover fixed charges | $ | 78,112 | $ | 70,419 | $ | 57,629 | $ | 106,845 | $ | 45,257 | |||||
Fixed charges: | |||||||||||||||
Interest expense including amortization of deferred financing costs | $ | 22,476 | $ | 22,477 | $ | 21,884 | $ | 20,087 | $ | 12,078 | |||||
Capitalized interest | - | 87 | 1,066 | 839 | 242 | ||||||||||
Total fixed charges | $ | 22,476 | $ | 22,564 | $ | 22,950 | $ | 20,926 | $ | 12,320 | |||||
Ratio of Earnings to Fixed Charges | 3.48 | 3.12 | 2.51 | 5.11 | 3.67 |