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EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30
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1999 2000 2001 2002 2003 2003 2004
--------- --------- --------- --------- --------- ------ ------
Pretax income from continuing operations $ 24,547 $ 37,446 $ 139,983 $ 106,941 $ 130,266 $ 98.3 $111.0
Less: Income from equity investees 725 729 918 750 750 -- 0.2
Less: Minority interest -- -- 99 -- (100) (0.1) 2.4
Distributed income from equity investees 920 453 735 1,374 1,250 -- --
Amortization of capitalized interest 8,070 9,711 34,241 28,133 35,348 25.9 39.7
Interest expense 1,837 3,282 1,087 257 1,673 -- --
Fixed charges 11,261 17,051 26,297 30,482 62,186 40.8 49.3
Less: Interest capitalized during the
period 9,339 13,212 22,067 27,742 55,139 40.1 48.4
--------- --------- --------- --------- --------- ------ ------
Earnings $ 36,571 $ 54,002 $ 179,259 $ 138,695 $ 174,934 $125.0 $149.0
========= ========= ========= ========= ========= ====== ======
Net amortization of debt discount and
premium and issuance expense $ -- $ 240 $ 1,735 $ 1,474 $ 3,840 $ 0.5 $ 0.6
Interest portion of rental expense 85 199 589 589 750 0.2 0.3
Interest incurred, whether expensed or
capitalized 11,176 16,612 23,973 28,419 57,596 40.1 48.4
--------- --------- --------- --------- --------- ------ ------
Fixed Charges 11,261 17,051 26,297 30,482 62,186 $ 40,8 $ 49.3
========= ========= ========= ========= ========= ------ ------
Ratio of Earnings to Fixed Charges 3.2 3.2 6.8 4.6 2.8 3.1 3.0
========= ========= ========= ========= ========= ====== ======