EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands, except Ratio Data)
<TABLE>
<CAPTION>
1996 1997 1998 1999 2000
<S> <C> <C> <C> <C> <C>
Income before income taxes $136,058 $189,434 $235,911 $217,083 $293,635
Plus fixed charges:
Interest and debt amortization
expenses 25,907 30,574 30,651 24,079 35,795
-------- -------- -------- -------- --------
Income before income taxes
and interest and debt
amortization expenses $161,965 $220,008 $266,562 $241,162 $329,430
======== ======== ======== ======== ========
Ratio of earnings to charges(1) 6.25x 7.20x 8.70x 10.02x 9.20x
</TABLE>
(1) Ratio of earnings to fixed charges was calculated by dividing income
before income taxes and interest and debt amortization expenses by
interest and debt amortization expenses.
