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EXHIBIT 12
Ratio of Earnings to Fixed Charges Computation
(in thousands except ratio of earnings to fixed charges)
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2003 2002 2001 2000 1999
--------- --------- --------- --------- ---------
Net income (loss):
Net income (loss) before income taxes and
minority interest (a) $ (4,298) $ 10,739 $ 156,977 $ 94,662 $ (79,162)
Portion of rents representative of interest expense (a) 5,914 3,006 6,104 5,107 4,600
Interest on indebtedness, including amortization of
deferred loan costs (a) 133,227 140,863 125,394 111,112 74,914
Amortization of capitalized interest 3,691 3,613 3,090 2,962 1,778
Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges (2,775) (2,132) (2,014) (955) (3,976)
--------- --------- --------- --------- ---------
Net income (loss) as adjusted $ 135,759 $ 156,089 $ 289,551 $ 212,888 $ (1,846)
========= ========= ========= ========= =========
Fixed Charges:
Portion of rents representative of the interest
factor (a) $ 5,914 $ 3,006 $ 6,104 $ 5,107 $ 4,600
Interest on indebtedness, including amortization of
deferred loan costs (a) 133,227 140,863 125,394 111,112 74,914
Capitalized interest 1,207 1,900 19,032 11,200 33,210
--------- --------- --------- --------- ---------
Total fixed charges $ 140,348 $ 145,769 $ 150,530 $ 127,419 $ 112,724
========= ========= ========= ========= =========
Ratio of earnings to fixed charges 1.0x 1.1x 1.9x 1.7x (b)
========= ========= ========= ========= =========
(a) Results previously reported for years ended December 31, 2002, 2001, 2000
and 1999, have been restated to reflect the retroactive adoption of FIN No.
46R, "Consolidation of Variable Interest Entities".
(b) Due to the Company's loss in 1999, the ratio coverage was less than 1:1. The
Company must generate additional earnings of $114,570 to achieve a coverage
of 1:1.