Computation of Pro Forma Ratio of Earnings to Fixed Charges
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Nine Months
Year ended Ended
December 31, September 30,
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1997 1998
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Computation of Earnings
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After tax net income 84,449 88,473
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Tax expense/(benefit (740) 168
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Pre-tax net income 83,709 88,641
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Equity earnings in subsidiary (5,724) (16,417)
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Interest expense 53,074 35,251
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Net income before adjustments 131,059 107,475
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Distributed equity earnings 9,588 12,248
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Capitalized interest* -- (1153)
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Net income after adjustments 140,647 118,570
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Fixed charges 53,074 35,251
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Interest expense 53,074 35,251
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Capitalized interest* -- --
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Amortized expenses related to debt** -- --
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Estimated interest associated with rental -- --
payments
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Preference security dividends of -- --
subsidiaries
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Total Fixed Charges 53,074 35,251
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Pro forma ratio of earnings to fixed charges 2.65 3.36
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* Immaterial
** Included in interest expense