Exhibit 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
THREE MONTHS
ENDED
YEAR ENDED DECEMBER 31 MARCH 31
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1998 1999 2000 2001 2002 2003
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(DOLLARS IN THOUSANDS)
EARNINGS:
Income from continuing operations before
extraordinary items(1) $60,830 $71,928 $63,872 $59,219 $66,983 $19,269
Fixed charges 26,455 36,403 38,866 34,644 44,644 12,769
Capitalized interest (7,740) (8,578) (3,079) (841) (170) (258)
Equity (earnings) losses in less than 50%
owned subsidiary (380) 378 (318) (332) (15) (81)
------- -------- ------- ------- -------- -------
Earnings $79,165 $100,131 $99,341 $92,690 $111,442 $31,699
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FIXED CHARGES:
Interest expense(2) $18,030 $26,916 $34,622 $32,028 $42,101 $11,876
Capitalized interest 7,740 8,578 3,079 841 170 258
Amortization of loan expenses 685 909 1,165 1,775 2,373 635
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Fixed charges $26,455 $36,403 $38,866 $34,644 $44,644 $12,769
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CONSOLIDATED RATIO OF EARNINGS TO
FIXED CHARGES 2.99 2.75 2.56 2.68 2.50 2.48
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EARNINGS:
Income from continuing operations before
extraordinary items(1) $60,830 $71,928 $63,872 $59,219 $66,983 $19,269
Fixed charges 26,455 36,403 38,866 34,644 44,644 12,769
Capitalized interest (7,740) (8,578) (3,079) (841) (170) (258)
Equity (earnings) losses in less than 50%
owned subsidiary (380) 378 (318) (332) (15) (81)
------- -------- ------- ------- -------- -------
Earnings $79,165 $100,131 $99,341 $92,690 $111,442 $31,699
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COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS:
Interest expense(2) $18,030 $26,916 $34,622 $32,028 $42,101 $11,876
Capitalized interest 7,740 8,578 3,079 841 170 258
Amortization of loan expenses 685 909 1,165 1,775 2,373 635
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Fixed charges 26,455 36,403 38,866 34,644 44,644 12,769
Preferred stock dividends 4,160 12,814 13,490 13,505 12,468 2,846
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Combined fixed charges and preferred stock
dividends $30,615 $49,217 $52,356 $48,149 $57,112 $15,615
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CONSOLIDATED RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 2.59 2.03 1.90 1.93 1.95 2.03
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(1) Effective January 1, 2003, in accordance with FASB Statement No. 145, we
reclassified the losses on extinguishments of debt in 2001 and 2002 to income
from continuing operations rather than as extraordinary items as previously
required under FASB Statement No. 4.
(2) For purposes of this statement, interest expense consists of interest on all
indebtedness including amounts allocated to discontinued operations, in
accordance with FASB Statement No. 144.