EX-12.1 7 ex12_1.htm EXHIBIT 12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES
 
   
Nine Months Ending September 30,
  
Year Ended December 31,
  
   
2005
  
2004
  
2003
  
2002
  
2001
  
2000
  
                           
EARNINGS AVAILABLE FOR
FIXED CHARGES
                          
Income from continuing operations before income taxes
  
$
338,130
  
$
112,103
  
$
6,188
  
$
2,088
  
$
135,726
  
$
39,281
  
Add: Fixed Charges (excluding capitalized interest)
    
11,543
    
41,024
    
31,755
    
31,380
    
35,113
    
38,438
  
Adjusted Earnings
  
$
349,673
  
$
153,127
  
$
37,943
  
$
33,468
  
$
170,839
  
$
77,719
  
                                       
FIXED CHARGES
                                      
Interest Expense (a)
  
$
9,793
  
$
37,638
  
$
29,332
  
$
27,955
  
$
31,146
  
$
34,738
  
Interest component of leases (b)
    
3,208
    
3,450
    
3,009
    
3,767
    
3,967
    
3,700
  
Fixed Charges
  
$
13,001
  
$
41,088
  
$
32,341
  
$
31,722
  
$
35,113
  
$
38,438
  
                                       
Ratio of Earnings/Fixed Charges
    
26.9x
    
3.7x
    
1.2x
    
1.1x
    
4.9x
    
2.0x
  
                                       
 
____________
(a) Interest expense includes both expensed and capitalized as well as amortization of discount on 11 3/4% and 6 5/8% bonds and amortization of deferred finance costs.

(b)  Interest component of leases includes one-third of rental expense, which approximates the interest component of operating leases.