1
EXHIBIT 12.1
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
Year Ended December 31,
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1995 1996 1997 1998 1999
(in thousands except ratios)
Fixed Charges:
Interest expensed $ 2,004 $ 9,803 $ 28,792 $ 73,182 $ 125,435
Capitalized interest -- 1,330 1,019 4,542 5,249
Amortized premiums and discounts related to debt 396 952
Amortized capitalized expense related to debt -- 20 35 50 544
Preference security dividends -- 7,734 11,797 21,423 24,735
--------- --------- --------- --------- ---------
Fixed charges $ 2,004 $ 18,887 $ 41,643 $ 99,593 $ 156,916
========= ========= ========= ========= =========
Earnings:
Income from continuing operations $ 15,322 $ 48,881 $ 69,652 $ 124,414 $ 136,889
Income from equity investees (2,010) (6,963) (7,017) (8,484)
Fixed charges 2,004 18,887 41,643 99,593 156,916
Amortization of capitalized interest -- 20 35 50 544
Distributed income of equity investees 1,954 4,211 7,017 8,484
Less:
Capitalized Interest -- (1,330) (1,019) (4,542) (5,249)
Earnings $ 17,326 $ 66,402 $ 107,559 $ 219,515 $ 289,099
========= ========= ========= ========= =========
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividends 8.6% 3.5% 2.6% 2.2% 1.8%
Pro Forma
(Unaudited)
Six Months Ended ------------------------------------
June 30, Twelve Months Six Months
(Unaudited) Year ended Ended Ended
----------------------- December 3 June 30, June 30,
1999 2000 12/31/99 2000 2000
(in thousands except ratios)
Fixed Charges:
Interest expensed $ 59,172 $ 77,644 $ 141,427 $ 149,925 $ 76,856
Capitalized interest 3,234 497 5,249 2,512 497
Amortized premiums and discounts related to debt 494 446 952 904 446
Amortized capitalized expense related to debt 374 586 544 426 229
Preference security dividends 13,987 18,551 24,725 24,725 12,358
--------- --------- --------- --------- ---------
Fixed charges $ 77,261 $ 97,724 $ 172,897 $ 178,492 $ 90,386
========= ========= ========= ========= =========
Earnings:
Income from continuing operations $ 81,521 $ (12,372) $ 107,844 $ 88,462 $ 45,560
Income from equity investees (6,429) (6,190) (8,633) (6,779) (6,190)
Fixed charges 77,261 97,724 172,897 178,492 90,386
Amortization of capitalized interest 374 586 544 426 229
Distributed income of equity investees 6,429 6,190 8,633 8,394 6,190
Less:
Capitalized Interest (3,234) (497) (5,249) (2,512) (497)
Earnings $ 155,922 $ 85,441 $ 276,036 $ 266,483 $ 135,678
========= ========= ========= ========= =========
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividends 2.0% 0.9% 1.6% 1.5% 1.5%
Ratio of earnings to combined fixed charges and preferred stock 2000 Reformated