. . . Exhibit 12.1 Six Months Ended June 30, ------------------------- Amounts in 000's 2005 2004 EARNINGS AS DEFINED: Income (Loss) From Continuing Operations After Interest Charges 12,936 (1,816) Income Taxes 6,009 1,069 ---------- ----------- Income (Loss) From Continuing Operations before Income Taxes 18,945 (2,885) Fixed Charges 102,494 87,368 Capitalized Interest (9,792) (1,706) ---------- ----------- Total $ 111,647 $ 82,777 ========== =========== FIXED CHARGES AS DEFINED: Interest Expensed as Capitalized(1) $ 102,494 $ 87,368 ---------- ----------- Total $ 102,494 $ 87,368 ========== =========== RATIO OF EARNINGS TO FIXED CHARGES 1.09 DEFICIENCY $ -- $ 4,591 Year Ended December 31, ---------------------------------------------------------------- Amounts in 000's 2004 2003 2002 2001 2000 EARNINGS AS DEFINED: Income (Loss) From Continuing Operations After Interest Charges $ 104,312 $ 19,277 ($235,070) $63,405 ($7,928) Income Taxes 56,572 (614) (131,784) 32,737 (9,386) ----------- ---------- ------------ ---------- ---------- Income (Loss) From Continuing Operations before Income Taxes 160,884 18,663 (366,854) 96,142 (17,314) Fixed Charges 150,793 198,043 141,380 114,484 104,402 Capitalized Interest (5,738) (2,700) (3,412) (2,141) (7,855) ----------- ---------- ------------ ---------- ---------- Total $ 305,939 $ 214,005 $ (228,886) $ 208,485 $ 79,233 =========== ========== ============ ========== ========== FIXED CHARGES AS DEFINED: Interest Expensed as Capitalized(1) $ 150,793 $ 198,042 $ 141,380 $ 114,484 $ 104,402 ----------- ---------- ------------ ---------- ---------- Total $ 150,793 $ 198,042 $ 141,380 $ 114,484 $ 104,402 =========== ========== ============ ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 2.03 1.08 1.82 DEFICIENCY $ -- $ -- $ 370,266 $ -- $ 25,169 (1) Includes amortization of premiums, discounts, and capitalized debt expense and interest component of rent expense.