EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the years ended December 31, Nine Months
1991 1992 1993 1994 1995 Ended 9/30/96
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(Thousands of Dollars)
Ratio of earnings to fixed charges
COMPUTATION OF EARNINGS
Pretax income from continuing operations $ (22,609) $ (77,951) $ (21,670) $ (46,425) $ (13,803) $ 130,843
Less interest capitalized during the period and
actual preferred dividend requirements of
majority-owned subsidiaries and 50%-owned
persons included in fixed charges but not
deducted from pretax income 0 0 0 0 0 (2,542)
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Total earnings, before fixed charge addition $ (22,609) $ (77,951) $ (21,670) $ (46,425) $ (13,803) $ 128,301
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COMPUTATION OF FIXED CHARGES
Interest 7,296 28,591 25,906 31,346 27,052 2,646
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Total fixed charges $ 7,296 $ 28,591 $ 25,906 $ 31,346 $ 27,052 $ 2,646
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Total earnings and fixed charges $ (15,313) (49,360) $ 4,236 (15,079) $ 13,249 $ 130,947
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Ratio of earnings to fixed charges (2.10) (1.73) 0.16 (0.48) 0.49 49.49
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Exhibit 12.1