EX-12.1 5 w57754ex12-1.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit 12.1 STATEMENTS SETTING FORTH DETAILS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)
FOR THE YEARS ENDED DECEMBER 31 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Net earnings $ 360,419 $ 248,938 $ 148,138 $ 142,237 $ 115,726 Federal and state income taxes 145,112 103,532 71,328 55,676 43,435 --------- --------- --------- --------- --------- Earnings before income taxes 505,531 352,470 219,466 197,913 159,161 Equity in net income of affiliates (41,309) 0 0 0 0 Distributed income from equity investees 12,761 0 0 0 0 --------- --------- --------- --------- --------- Net earnings 476,983 352,470 219,466 197,913 159,161 --------- --------- --------- --------- --------- Fixed charges: Interest 17,803 1,359 1,060 201 0 One-Third of all rentals 2,052 990 1,048 1,000 788 --------- --------- --------- --------- --------- Fixed charges 19,855 2,349 2,108 1,201 788 Preferred dividends 3,300 3,300 3,300 3,300 3,300 Fixed charges and preferred dividends 23,155 5,649 5,408 4,501 4,088 --------- --------- --------- --------- --------- Net earnings and fixed charges $ 496,838 $ 354,819 $ 221,574 $ 199,114 $ 159,949 --------- --------- --------- --------- --------- Net earnings, fixed charges and preferred dividends $ 500,138 $ 358,119 $ 224,874 $ 202,414 $ 163,249 --------- --------- --------- --------- --------- Ratio of net earnings and fixed charges 25.0x 151.1x 105.1x 165.8x 203.0x to fixed charges Ratio of net earnings, fixed charges and preferred stock dividends to fixed charges and preferred stock dividends 21.6x 63.4x 41.6x 45.0x 39.9x