EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in thousands, except ratio)
YEAR ENDED DECEMBER 31, THREE MONTHS
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1997 1998 1999 2000 2001 3/31/2002
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Consolidated pretax income
before extraordinary item $ 36,470 $ 75,158 $ 109,336 $ 134,840 $ 225,580 $ 25,964
Share of distributed income
of 50%-or-less-owned
affiliates net of equity pickup 1,334 2,602 (263) (163) (26) (33)
Amortization of capitalized
interest 21,581 20,645 19,027 27,581 31,878 6,151
Interest 74,950 63,410 52,764 62,610 55,327 11,764
Less interest capitalized
during the period (17,636) (18,601) (24,397) (34,105) (31,675) (9,029)
Net amortization of debt
discount and premium
and issuance expense 84 36 33 -- -- --
Interest portion of
rental expense 3,541 4,709 4,522 6,065 7,190 1,578
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EARNINGS $ 120,324 $ 147,959 $ 161,022 $ 196,828 $ 288,274 $ 36,395
Interest $ 74,950 $ 63,410 $ 52,764 $ 62,610 $ 55,327 $ 11,764
Net amortization of debt
discount and premium
and issuance expense 84 36 33 -- -- --
Interest portion of
rental expense 3,541 4,709 4,522 6,065 7,190 1,578
--------- --------- --------- --------- --------- ---------
FIXED CHARGES $ 78,575 $ 68,155 $ 57,319 $ 68,675 $ 62,517 $ 13,342
Ratio of earnings to
fixed charges 1.53 2.17 2.81 2.87 4.61 2.73