Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Twelve Months Ended December 31, | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
Income (Loss) before income taxes, extraordinary item and cumulative effect of accounting changes | $ | 22,361 | $ | (26,883 | ) | $ | 70,597 | $ | 98,991 | $ | 185,350 | $ | 266,592 | |||||||||||
Amortization of capitalized interest | 1,450 | 2,810 | 2,444 | 2,432 | 2,437 | 2,213 | ||||||||||||||||||
Interest expense | 15,924 | 33,401 | 31,922 | 27,225 | 26,502 | 21,432 | ||||||||||||||||||
Interest portion of rental expense | 749 | 2,585 | 3,254 | 3,401 | 3,260 | 3,267 | ||||||||||||||||||
Earnings | $ | 40,484 | $ | 11,913 | $ | 108,217 | $ | 132,049 | $ | 217,549 | $ | 293,504 | ||||||||||||
Interest | $ | 16,107 | $ | 34,824 | $ | 33,276 | $ | 30,877 | $ | 31,265 | $ | 23,608 | ||||||||||||
Interest portion of rental expense | 749 | 2,111 | 3,254 | 3,401 | 3,260 | 3,267 | ||||||||||||||||||
Fixed Charges | $ | 16,856 | $ | 36,935 | $ | 36,530 | $ | 34,278 | $ | 34,525 | $ | 26,875 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.40 | (1 | ) | 2.96 | 3.85 | 6 .30 | 10.92 | |||||||||||||||||
(1) | Earnings were inadequate to cover fixed charges for the twelve-month period ended December 31, 2001. The coverage deficiency totaled $25,022,000 for that period. |