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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
For the
quarter ended
March 31, For the years ended December 31,
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2005 2004 2003 2002 2001 2000
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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)
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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
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Fixed charges........................................... $ 25,760 $ 91,437 $ 79,771 $ 74,659 $ 71,750 $ 70,112
Ratio of earnings to fixed charges...................... 1.94 3.13 3.04 3.11 3.22 2.64