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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In thousands)
For the
quarter ended
March 31, For the years ended December 31,
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2005 2004 2003 2002 2001 2000
-------- --------- --------- --------- --------- ---------
Earnings:
Pre-tax income from operations before adjustment
for minority interests in consolidated
subsidiaries or income or loss from equity
investees $ 25,188 $ 199,700 $ 169,203 $ 172,018 $ 167,317 $ 135,462
Fixed charges 25,760 91,437 79,771 74,659 71,750 70,112
Plus: amortization of capitalized interest 7,967 29,447 28,040 20,940 18,443 14,233
Plus: distributed income from equity investees 994 7,124 4,095 2,916 6,656 2,968
Less: capitalized interest (9,811) (41,466) (38,816) (38,093) (33,158) (37,600)
-------- --------- --------- --------- --------- ---------
Earnings available for fixed charges $ 50,098 $ 286,242 $ 242,293 $ 232,440 $ 231,008 $ 185,175
Fixed charges:
Interest incurred, both expensed and capitalized $ 23,076 $ 81,790 $ 71,055 $ 66,345 $ 63,328 $ 62,100
Debt issue cost amortization in the period 950 3,461 3,050 3,290 3,919 4,630
Rental expense representative of interest factor 1,734 6,186 5,666 5,024 4,503 3,382
-------- --------- --------- --------- --------- ---------
Fixed charges $ 25,760 $ 91,437 $ 79,771 $ 74,659 $ 71,750 $ 70,112
Preferred stock dividends $ -- $ -- $ -- $ -- $ -- $ --
Ratio of earnings to fixed charges 1.94 3.13 3.04 3.11 3.22 2.64
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.94 3.13 3.04 3.11 3.22 2.64