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EXHIBIT 12.1
STATEMENT ON COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1996 1997 1998 1999 2000
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(in thousands)
COMPUTATION OF EARNINGS:
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Pretax income before adjustment
for minority interests in
consolidated subsidiaries and
income or loss from equity
investees ......................... $21,219 $ 37,340 $ 48,133 $121,623 $ 521,683
Fixed charges ....................... 48,672 72,718 100,015 153,268 331,023
Amortization of capitalized
interest .......................... -- -- 136 331 447
Distributed income of equity
investees ......................... 1,274 21,042 27,717 43,318 29,979
Interest capitalized ................ -- (6,200) (7,000) (47,300) (206,973)
Minority interest in pretax income
of subsidiaries that have not
incurred fixed charges ............ -- -- -- 265 (895)
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Total earnings ...................... $71,165 $124,900 $169,001 $271,505 $ 675,264
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COMPUTATION OF FIXED CHARGES:
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Interest expensed and capitalized ... $45,294 $ 67,666 $ 93,726 $138,462 $ 263,673
Estimate of interest within rental
expense ........................... 3,378 5,052 6,289 12,241 23,140
Distributions on HIGH TIDES ......... -- -- -- 2,565 44,210
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Total fixed charges ................. $48,672 $ 72,718 $100,015 $153,268 $ 331,023
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Ratio of earnings to fixed charges .. 1.46x 1.72x 1.69x 1.77x 2.04x