EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Six Months
Ended
Year Ended December 31 June 30
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1999 2000 2001 2002 2003 2003 2004
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(dollars in thousands)
EARNINGS:
Income from continuing operations
before extraordinary items (1) $ 69,292 $ 58,760 $ 54,016 $ 61,718 $ 74,632 $ 36,039 $ 40,618
Fixed charges 36,403 38,866 34,644 44,644 59,833 26,991 38,017
Capitalized interest (8,578) (3,079) (841) (170) (1,535) (638) (336)
Equity (earnings) losses in less than
50% owned subsidiary 378 (318) (332) (15) (270) (162)
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Earnings $ 97,495 $ 94,229 $ 87,487 $ 106,177 $ 132,660 $ 62,230 $ 78,299
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FIXED CHARGES:
Interest expense (2) $ 26,916 $ 34,622 $ 32,028 $ 42,101 $ 55,377 $ 25,038 $ 35,918
Capitalized interest 8,578 3,079 841 170 1,535 638 336
Amortization of loan expenses 909 1,165 1,775 2,373 2,921 1,315 1,763
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Fixed charges $ 36,403 $ 38,866 $ 34,644 $ 44,644 $ 59,833 $ 26,991 $ 38,017
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CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES 2.68 2.42 2.53 2.38 2.22 2.31 2.06
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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, 2002 and 2003 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.