1 Exhibit 12.1 AMENDED RATIO OF EARNINGS TO FIXED CHARGES For the three months ended March 31, For the years ended December 31, --------------- ------------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 (1) ---- ---- ---- ---- ---- ---- -------- Earnings: Pre-tax income from operations before adjustment for income or loss from equity investees 18,494 15,345 135,462 75,851 54,272 14,675 (19,301) Fixed charges 17,112 17,031 70,112 67,292 50,980 48,806 58,902 Plus: amortization of capitalized interest 4,123 1,993 14,233 15,759 15,593 7,580 9,630 Plus: distributed income (loss) from equity investees 3,316 -- 2,968 1,884 1,035 6,029 200 Less: capitalized interest (7,516) (7,915) (37,600) (38,163) (29,594) (18,025) (19,235) -------- -------- -------- -------- -------- -------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES 35,529 26,454 185,175 122,623 92,286 59,065 30,196 Fixed charges: Interest incurred, both expensed and capitalized 15,168 15,012 62,100 60,503 44,993 42,590 49,063 Debt issue cost amortization in the period 898 1,224 4,630 4,522 3,628 2,027 5,959 Rental expense representative of interest factor 1,046 795 3,382 2,267 1,308 1,117 814 Preferred stock dividend -- -- 0 0 1,051 3,072 3,066 -------- -------- -------- -------- -------- -------- ------- FIXED CHARGES 17,112 17,031 70,112 67,292 50,980 48,806 58,902 RATIO OF EARNINGS TO FIXED CHARGES 2.08 1.55 2.64 1.82 1.81 1.21 .51