EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($000'S, EXCEPT THE RATIO) -------------------------------------------------------------------------------------------- FOR THE NINE MONTHS ENDED SEPTEMBER 30, FOR THE YEARS ENDED DECEMBER 31, -------------------------------------------------------------------------------------------- EARNINGS: 2003 2002 2002 2001 2000 1999 1988 -------------------------------------------------------------------------------------------- Earnings from continuing Operations (A) 61,940 4,863 14,063 82,122 49,858 (79,320) 2,075 ADD: Fixed Charges 26,890 26,254 34,737 34,438 47,666 29,893 25,826 Amortization of Capitalized Interest 460 295 307 281 255 208 78 Distribution from Joint Ventures - - - 2,494 1,209 2,450 3,430 SUBTRACT: Capitalized Interest (982) (2,530) (3,114) (4,052) (946) (1,384) (3,732) ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL EARNINGS 88,308 28,882 45,993 115,283 98,042 (48,153) 27,677 ========== ========== ========== ========== ========== ========== ========== FIXED CHARGES: Interest Expense 15,885 16,595 22,478 19,303 25,806 17,425 10,497 Capitalized Interest 982 2,530 3,114 4,052 946 1,384 3,732 Capitalized Expenses Relating to Debt 4,472 1,429 1,466 4,354 7,030 278 983 Estimate of Interest in Rental Expense 5,551 5,700 7,679 6,729 13,884 10,806 10,614 ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL FIXED CHARGES 26,890 26,254 34,737 34,438 47,666 29,893 25,826 ========== ========== ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 3.3 1.1 1.3 3.4 2.1 (B) 1.0 (A) Income before income taxes and equity from operations in joint ventures. (B) For the year ended December 31, 1999 the earnings were insufficient to cover fixed charges by $78,046,000.