<PAGE> 1
EXHIBIT 12.1
CALCULATIONS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(IN THOUSANDS, EXCEPT RATIOS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------------------------
1995 1996 1997 1998 1999
------ ------ ------- -------- ------
<S> <C> <C> <C> <C> <C>
Pre-tax income (loss).................................... 6,730 57,952 (17,340) (126,897) 26,083
Interest expense......................................... 15,389 36,009 27,357 32,471 33,110
TECONS dividends......................................... 165 6,613 6,613 6,613
Preferred stock dividends................................ 1,472 939
------ ------ ------- -------- ------
Adjusted earnings (loss)........................ 23,591 95,065 16,630 (87,813) 65,806
------ ------ ------- -------- ------
Fixed charges:
Interest expense....................................... 15,389 36,009 27,357 32,471 33,110
Capitalized interest................................... 0 0 2,143 578 251
TECONS dividends....................................... 0 165 6,613 6,613 6,613
Preferred stock dividends.............................. 1,472 939 0 0 0
------ ------ ------- -------- ------
16,861 37,113 36,113 39,662 39,974
------ ------ ------- -------- ------
Deficit of loss to fixed charges and preferred
dividends.............................................. 0 0 (19,483) (127,475) 0
====== ====== ======= ======== ======
Ratio of earnings to fixed charges and preferred
dividends.............................................. 1.40 2.56 0 0 1.65
</TABLE>
---------------
(1) Earnings were not sufficient to cover fixed charges and preferred dividends
for 1997 and 1998 by $19.5 million and 127.5 million, respectively.
<PAGE> 2
CALCULATIONS OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------------------------
1995 1996 1997 1998 1999
------ ------ ------- -------- ------
<S> <C> <C> <C> <C> <C>
Pre-tax income (loss).................................... 6,730 57,952 (17,340) (126,897) 26,083
Interest expense......................................... 15,389 36,009 27,357 32,471 33,110
TECONS dividends......................................... 165 6,613 6,613 6,613
------ ------ ------- -------- ------
Adjusted earnings (loss)........................ 22,119 94,126 16,630 (87,813) 65,806
------ ------ ------- -------- ------
Fixed charges:
Interest expense....................................... 15,389 36,009 27,357 32,471 33,110
Capitalized interest................................... 0 0 2,143 578 251
TECONS dividends....................................... 0 165 6,613 6,613 6,613
Preferred stock dividends.............................. 0 0 0 0 0
------ ------ ------- -------- ------
15,389 36,174 36,113 39,662 39,974
------ ------ ------- -------- ------
Deficit of loss to fixed charges......................... 0 0 (19,483) (127,475) 0
====== ====== ======= ======== ======
Ratio of earnings to fixed charges....................... 1.44 2.60 0.00 0.00 1.65
</TABLE>
---------------
(1) Earnings were not sufficient to cover fixed charges for 1997 and 1998 by
$19.5 million and 127.5 million, respectively.
