Exhibit 12.1
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Six Months Ended
June 30, Year Ended December 31,
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1997 1996 1996 1995 1994 1993 1992
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Earnings:
Consolidated net income................. $122,567 $111,777 $245,140 $172,019 $139,883 $145,947 $122,065
Provision for income taxes.............. 4,428 3,178 7,257 5,588 2,755 2,146 1,233
Fixed charges less interest capitalized. 45,082 31,166 62,985 57,451 49,799 48,877 45,665
Minority interest of subsidiaries with 1,674 2,327 9,729 42,210 42,405 25,571 6,740
fixed charge........................... -------- -------- -------- -------- -------- -------- --------
Total.............................. $173,751 $148,448 $325,111 $277,268 $234,842 $222,541 $175,703
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Fixed Charges:
Interest on debt and liabilities -
amount expensed (includes amortization
of debt expense)...................... $ 31,192 $ 18,822 $ 38,298 $ 35,855 $ 31,543 $ 32,483 $ 32,155
Interest element of rentals 13,890 12,344 24,687 21,596 18,256 16,394 13,510
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Total.............................. 45,082 $ 31,166 $ 62,985 $ 57,451 $ 49,799 $ 48,877 $ 45,665
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Ratio of earnings to fixed charges...... 3.85x 4.76x 5.16x 4.83x 4.72x 4.55x 3.85x
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