EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

Exhibit 12.1

 

Computation of Ratio of Earnings to
Fixed Charges
 

Six Months

Ended

June 30,


  Twelve Months Ended
December 31,


    Six Months Ended
December 31,


    Twelve Months Ended
June 30,


    Six Months
Ended
June 30,


  Twelve Months
Ended
December 31,


(In thousands)   2003

  2002

    2001

    2001

    2000

    2001

    2000

    1999

  1998

Earnings:

                                                                 

Income from continuing operations before income taxes

  $ 4,209   $ (40,423 )   $ 183,370     $ (19,620 )   $ 37,345     $ 240,335     $ 106,547     $ 40,160   $ 212,482

Fixed charges, as shown below

    20,038     50,358       47,952       18,787       33,179       62,343       61,670       33,792     54,109

Equity in income of investees

    5,077     9,818       (11,249 )     (796 )     (8,984 )     (19,437 )     (1,969 )        
   

 


 


 


 


 


 


 

 

Adjusted Earnings (Loss)

  $ 29,324   $ 19,753     $ 220,073     $ (1,629 )   $ 61,540     $ 283,241     $ 166,248     $ 73,952   $ 266,591
   

 


 


 


 


 


 


 

 

Fixed charges:

                                                                 

Interest on indebtedness, expensed or capitalized

  $ 17,966   $ 46,213     $ 43,356     $ 16,564     $ 30,806     $ 57,598     $ 55,289     $ 30,504   $ 48,138

Interest within rent expense

    2,072     4,145       4,596       2,223       2,373       4,745       6,381       3,288     5,971
   

 


 


 


 


 


 


 

 

Total Fixed Charges

  $ 20,038   $ 50,358     $ 47,952     $ 18,787     $ 33,179     $ 62,343     $ 61,670     $ 33,792   $ 54,109
   

 


 


 


 


 


 


 

 

Ratio of Earnings to Fixed Charges

    1.46     (1 )     4.59       (2 )     1.85       4.54       2.70       2.19     4.93
   

 


 


 


 


 


 


 

 

 

(1)   The deficiency of earnings to cover fixed charges was $30,605 for the period ended December 31, 2002.
(2)   The deficiency of earnings to cover fixed charges was $20,416, for the period ended December 31, 2001.