EX-12.1 5 h13037exv12w1.txt STATEMENT REGARDING COMPUTATION OF RATIOS Exhibit 12.1 Statement of Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings (In thousands)
(Unaudited) 2003 2002 2001 2000 1999 --------------------------------------------------- ------- ------- ------- ------- ------- Earnings Pretax income (loss) from continuing operations $49,297 $ 9,815 $57,220 $41,523 $ 4,340 Fixed charges excluding capitalized interest 21,793 20,375 22,056 41,660 40,236 ------- ------- ------- ------- ------- Adjusted earnings (loss) $71,090 $30,190 $79,276 $83,183 $44,576 ======= ======= ======= ======= ======= Fixed charges Interest expense including capitalized interest $17,702 $18,946 $22,380 $40,381 $38,373 Amortization of finance cost 3,700 1,663 32 1,665 2,862 Interest component of lease rental expenditures (1) 823 430 257 200 231 ------- ------- ------- ------- ------- Fixed charges $22,225 $21,039 $22,669 $42,246 $41,466 ======= ======= ======= ======= ======= Dividends and accretion of issuance costs on preferred stock 909 1,028 1,761 -- -- ------- ------- ------- ------- ------- Combined fixed charges and preferred stock dividends $23,134 $22,067 $24,430 $42,246 $41,466 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 3.20 1.43 3.50 1.97 1.08 ======= ======= ======= ======= ======= Ratio of earnings to combined fixed charges and preferred stock dividends 3.07 1.37 3.25 1.97 1.08 ======= ======= ======= ======= =======
(1) Represents the portion of estimated rental expense assumed to be attributable to interest factors appropriate for the period during which the rental obligations were incurred. 33% was applied for the periods presented.