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EXHIBIT 12.1
CALCULATIONS OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30,
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1995 1996 1997 1998 1999 1999 2000
------- ------- -------- --------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Pre-tax income
(loss)............... $ 6,730 $57,952 $(17,340) $(126,897) $26,083 $21,711 $15,135
Interest expense....... 15,389 36,009 27,357 32,471 33,110 24,348 26,596
TECONS dividends....... 165 6,613 6,613 6,613 4,959 4,959
------- ------- -------- --------- ------- ------- -------
Adjusted
earnings
(loss)..... 22,119 94,126 16,630 (87,813) 65,806 51,018 46,690
------- ------- -------- --------- ------- ------- -------
Fixed charges:
Interest expense..... 15,389 36,009 27,357 32,471 33,110 24,348 26,596
Capitalized
interest.......... 0 0 2,143 578 251 188 0
TECONS dividends..... 0 165 6,613 6,613 6,613 4,959 4,959
Preferred stock
dividends......... 0 0 0 0 0 0 0
------- ------- -------- --------- ------- ------- -------
15,389 36,174 36,113 39,662 39,974 29,495 31,555
------- ------- -------- --------- ------- ------- -------
Deficit of loss to
fixed charges........ $ 0 $ 0 $(19,483) $(127,475) $ 0 $ 0 $ 0
======= ======= ======== ========= ======= ======= =======
Ratio of earnings to
fixed charges(1)..... 1.44 2.60 0.00 0.00 1.65 1.73 1.48
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(1) Earnings were not sufficient to cover fixed charges for 1997 and 1998 by
$19.5 million and 127.5 million, respectively
