Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES
(in thousands, except ratio of earnings to fixed charges)
| For the Year Ended December 31, | ||||||||||||||||
| 2004 |
2003 |
2002 |
2001 |
2000 | ||||||||||||
| Fixed charges: |
||||||||||||||||
| Interest expense |
$ | 557,978 | $ | 531,698 | $ | 608,914 | $ | 832,137 | $ | 630,397 | ||||||
| Amortization of debt issue expense |
2,083 | 3,084 | 3,217 | 3,432 | 1,788 | |||||||||||
| Estimated interest portion within rental expense |
7,236 | 11,288 | 10,501 | 15,912 | 14,202 | |||||||||||
| Preference securities dividend requirements of consol. subs |
— | — | — | — | — | |||||||||||
| Total fixed charges |
$ | 567,297 | $ | 546,070 | $ | 622,632 | $ | 851,481 | $ | 646,387 | ||||||
| Earnings: |
||||||||||||||||
| Income (loss) before income taxes, discontinued operations and cumulative effect of accounting change less equity in income (loss) of investments |
$ | 503,736 | $ | 295,520 | $ | 184,869 | $ | (254,763 | ) | $ | 115,962 | |||||
| Fixed charges |
567,297 | 546,070 | 622,632 | 851,481 | 646,387 | |||||||||||
| Less: |
||||||||||||||||
| Preference securities dividend requirement of consol subs |
— | — | — | — | — | |||||||||||
| Earnings |
$ | 1,071,033 | $ | 841,590 | $ | 807,501 | $ | 596,718 | $ | 762,349 | ||||||
| Ratio of earnings to fixed charges |
$ | 1.89 | $ | 1.54 | $ | 1.30 | $ | 0.70 | $ | 1.18 | ||||||
| Excess (deficiency) of earnings to fixed charges |
$ | 503,736 | $ | 295,520 | $ | 184,869 | $ | (254,763 | ) | $ | 115,962 | |||||
The ratio of earnings to fixed charges is computed by dividing fixed charges into income (loss) before income taxes, discontinued operations and the cumulative effect of accounting changes less equity in the income (loss) of investments plus fixed charges less the preference securities dividend requirement of consolidated subsidiaries. Fixed charges include, as applicable, interest expense, amortization of debt issuance costs, the estimated interest component of rent expense and the preference securities dividend requirement of consolidated subsidiaries.