EX-12.1 4 dex121.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    

Six Months
Ended
June 30

2003 (1)

     Year Ended December 31
     2002
    2001
    2000
    1999 (1)
     1998
     (in millions, except ratios)

Earnings

                                            

Income (Loss) Before Income Tax and Cumulative Effect of Accounting Principle Change

    $ (241.4 )   $ 610.9    $ 762.1    $ 826.7    $ (165.5 )   $ 920.2

Fixed Charges

      96.5       180.3      189.0      197.1      155.2       138.3
    
 
  
  
  
 

Adjusted Earnings

    $ (144.9 )   $ 791.2    $ 951.1    $ 1,023.8    $ (10.3 )   $ 1,058.5
    
 
  
  
  
 

Fixed Charges

                                            

Interest and Debt Expense

    $ 87.4     $ 162.4    $ 169.6    $ 181.8    $ 137.8     $ 119.9

Amortization of Deferred Debt Costs

      2.4       3.3      7.1      2.4      2.4       3.3

Portion of Rents Deemed Representative of Interest

      6.7       14.6      12.3      12.9      15.0       15.1
    
 
  
  
  
 

Total Fixed Charges

    $ 96.5     $ 180.3    $ 189.0    $ 197.1    $ 155.2     $ 138.3
    
 
  
  
  
 

Ratio of Earnings to Fixed Charges

      (1.5 )     4.4      5.0      5.2      (0.1 )     7.7

 

(1)   Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $241.4 million for the six months ended June 30, 2003 and $165.5 million for 1999.