Exhibit 12.1
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<TABLE>
<CAPTION>
Year ended December 31, Nine months ended September 30,
1997 1998 1999 1998 1999 2000
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
EARNINGS
Pre-tax income from continuing $175,703 $172,896 $43,516 $135,563 $ 36,927 $43,654
operations before adjustment
for minority interests in
consolidated subsidiaries or
income or loss from equity
investees
Fixed charges (computed below) 15,905 34,338 35,154 24,944 26,765 23,261
Interest capitalized (1,516) (8,455) (9,836) (5,817) (8,500) (800)
Minority interest in pre-tax (487) (1,837) (550) (1,445) (969) (535)
income of subsidiaries that
have not incurred fixed charges
Adjustment for 3,567 5,056 2,354 4,822 1,488 1,113
porportionate share of
50% owned entities
Income distributed from less -- 1,084 1,200 120 1,200 1,540
than 50% owned companies
TOTAL $ 193,172 $ 203,141 $72,152 $158,209 $57,084 $68,756
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FIXED CHARGES
Interest expense, including
amortization of debt expense
and discount/premium
$ 14,168 $22,798 $22,330 $16,802 $15,906 $21,146
Capitalized interest 1,516 8,455 9,836 5,817 8,500 800
Interest in rental expense
221 3,085 2,988 2,325 2,359 1,315
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TOTAL $ 15,905 $34,338 $35,154 $24,944 $26,765 $23,261
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RATIO OF EARNINGS 12.1 5.9 2.1 6.3 2.1 3.0
TO FIXED CHARGES
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</TABLE>
