EX-12.1 2 ex12_1.htm CALCULATION OF RATIO EARNINGS TO FIXED CHARGES ex12_1.htm
 
 
EXHIBIT 12.1



Computation of Ratio of Earnings to Fixed Charges



 
   
Year Ended December 31,
  
   
2007
    
2006
    
2005
    
2004
    
2003
  
   
(in thousands)
  
Income from continuing operations before income tax and cumulative effect of change in accounting principle
   $ 1,367,567     $ 1,096,217     $ 968,660     $ 513,008     $ 140,405  
Add (deduct)
                                        
   Fixed charges
     133,794       133,644       99,375       62,747       62,075  
   Interest capitalized
     (16,595 )     (12,515 )     (8,684 )     (8,168 )     (13,430 )
   Income from equity investees
     (210,928 )     (139,362 )     (90,812 )     (78,199 )     (45,186 )
   Distributed income of equity investees
     226,634       37,350       59,625       57,825       46,125  
Earnings as defined
   $ 1,500,472     $ 1,115,334     $ 1,028,164     $ 547,213     $ 189,989  
Net interest expense
     112,957       117,045       87,541     $ 53,460     $ 47,681  
Interest capitalized
     16,595       12,515       8,684       8,168       13,430  
Interest portion of rental expense
     4,242       4,084       3,150       1,119       964  
Fixed charges as defined
   $ 133,794     $ 133,644     $ 99,375     $ 62,747     $ 62,075  
Ratio of earnings to fixed charges
     11.2       8.3       10.3       8.7       3.1  

 
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