EX-12.1 2 a2182473zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1    Computation of Ratio of Earnings to Fixed Charges

    YEAR ENDED DECEMBER 31,
  
(in thousands, except ratio)     2003     2004     2005     2006     2007  
 
Consolidated pretax income (loss)   $ 396,217   $ 521,212   $ 721,051   $ 567,108   $ (420,098 )

Share of distributed income of 50%-or-less-owned affiliates net of equity pickup
 
 
94
 
 
(5,772
)
 
(315
)
 
260
 
 
(342
)
Amortization of capitalized interest     38,263     41,764     45,483     48,708     41,689  
Interest     50,125     53,242     66,697     71,955     62,122  
Less interest capitalized during the period     (42,602 )   (52,015 )   (65,959 )   (71,750 )   (62,024 )
Interest portion of rental expense     5,973     5,639     5,678     7,736     8,911  
   
 
EARNINGS (LOSS)   $ 448,070   $ 564,070   $ 772,635   $ 624,017   $ (369,742 )

Interest
 
$
50,125
 
$
53,242
 
$
66,697
 
$
71,955
 
$
62,122
 
Interest portion of rental expense     5,973     5,639     5,678     7,736     8,911  
   
 
FIXED CHARGES   $ 56,098   $ 58,881   $ 72,375   $ 79,691   $ 71,033  

Ratio of earnings to fixed charges
 
 
7.99
 
 
9.58
 
 
10.68
 
 
7.83
 
 
(5.21
)