<PAGE>
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preferred Unit
Distributions:
<TABLE>
<CAPTION>
First Three
Quarters Fiscal Year
------------ ----------------------------
2000 1999 1999 1998 1997 1996 1995
----- ----- ---- ---- ---- ---- ----
(in millions)
<S> <C> <C> <C> <C> <C> <C> <C>
Income (loss) from operations
before income taxes.............. $(154) $(152) $240 $174 $ 83 $ (8) $(75)
Add (deduct):
Fixed charges................... 362 356 518 415 364 283 206
Capitalized interest............ (4) (4) (7) (4) (1) (3) (5)
Amortization of capitalized
interest....................... 4 4 6 6 5 7 6
Net gains (losses) related to
certain 50% or less owned
affiliate...................... (2) 2 (6) (1) (1) 1 2
Minority interest in
consolidated affiliates........ 11 13 21 52 31 6 2
----- ----- ---- ---- ---- ---- ----
Adjusted earnings............... $ 217 $ 219 $772 $642 $481 $286 $136
===== ===== ==== ==== ==== ==== ====
Fixed charges:
Interest on indebtedness and
amortization of deferred
financing costs................ $ 315 $ 325 $469 $335 $288 $237 $178
Dividends on convertible
preferred securities of
subsidiary trust............... -- -- -- 37 37 3 --
Distributions on preferred
limited partner units.......... 16 1 6 -- -- -- --
Portion of rents representative
of the interest factor......... 31 30 43 43 39 33 17
Debt service guarantee interest
expense of unconsolidated
affiliates..................... -- -- -- -- -- 10 11
----- ----- ---- ---- ---- ---- ----
Total fixed charges and
preferred unit distributions... $ 362 $ 356 $518 $415 $364 $283 $206
===== ===== ==== ==== ==== ==== ====
Ratio of earnings to fixed charges
and preferred unit
distributions.................... -- -- 1.49 1.54 1.32 1.01 --
Deficiency of earnings to fixed
charges and preferred unit
distributions.................... $ 145 $ 137 -- -- -- -- 70
</TABLE>
