EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands) Six Months Ended June 30, Year Ended December 31, ------------------------- ---------------------------------------------------------- Proforma Proforma 2002 2002 2001 2001 2001 2000 1999 1998 1997 -------- ------- ------- -------- -------- ------- ------- -------- ------- Net Income............. $13,003 $14,082 $33,131 $ 51,670 $ 53,171 $28,749 $19,105 $(19,034) $18,133 Cumulative effect of accounting change..... -- -- 1,522 -- 1,522 -- -- -- -- Provision for Income taxes................. 8,342 9,034 21,786 32,488 34,388 16,765 5,332 (7,075) 12,280 Fixed charges (see below)................ 12,261 10,881 10,195 24,850 20,707 19,806 18,588 11,971 7,671 Interest capitalized... (1,381) (1,381) (1,578) (3,145) (3,145) (3,818) (3,592) (3,056) (2,462) ------- ------- ------- -------- -------- ------- ------- -------- ------- Total adjusted earnings available for payment of fixed charges...... $32,225 $32,616 $65,056 $105,863 $106,643 $61,502 $39,433 $(17,194) $35,622 ======= ======= ======= ======== ======== ======= ======= ======== ======= Ratio of earnings to fixed charges......... 2.6 3.0 6.4 4.3 5.2 3.1 2.1 -- (1) 4.6 Fixed Charges.......... Interest expense.... $10,798 $ 9,418 $ 8,548 $ 21,554 $ 17,411 $15,885 $14,912 $ 8,828 $ 5,113 Interest capitalized........ 1,381 1,381 1,578 3,145 3,145 3,818 3,592 3,056 2,462 Rental expense representative of interest factor.... 82 82 69 151 151 103 84 87 96 ------- ------- ------- -------- -------- ------- ------- -------- ------- Total fixed charges............ $12,261 $10,881 $10,195 $ 24,850 $ 20,707 $19,806 $18,588 $ 11,971 $ 7,671 ======= ======= ======= ======== ======== ======= ======= ======== ======= - -------- (1) In the year ended December 31, 1998, total fixed charges exceeded total adjusted earnings available for payment of fixed charges by $29,165,000.