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EXHIBIT 12.1
STATEMENT ON COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31,
------------------------------------------------------ Six Months Ended
1995 1996 1997 1998 1999 June 30, 2000
------- ------- -------- -------- -------- ----------------
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
COMPUTATION OF EARNINGS:
-----------------------
Pretax income before adjustment
for minority interests in
consolidated subsidiaries and
income or loss from equity
investees ...................... $15,281 $21,219 $ 37,340 $ 48,133 $121,624 $101,190
Fixed charges .................... 33,626 49,762 74,489 102,606 157,254 131,586
Amortization of capitalized
interest ....................... -- -- -- 136 331 209
Distributed income of equity
investees ...................... -- 1,274 21,042 27,717 43,318 19,413
Interest capitalized ............. -- -- (6,200) (7,000) (47,300) (67,314)
Minority interest in pretax
income of subsidiaries that
have not incurred fixed
charges ....................... -- -- -- -- 265 (41)
------- ------- -------- -------- -------- --------
Total earnings $48,907 $72,255 $126,671 $171,592 $275,492 $185,043
======= ======= ======== ======== ======== ========
COMPUTATION OF FIXED CHARGES:
----------------------------
Interest expensed and
capitalized ................... $32,877 $46,384 $ 69,437 $ 96,317 $142,448 $108,426
Estimate of interest within
rental expense ............... 749 3,378 5,052 6,289 12,241 7,097
Distributions on HIGH TIDES ..... -- -- -- -- 2,565 16,063
------- ------- -------- -------- -------- --------
Total fixed charges ............. $33,626 $49,762 $ 74,489 $102,606 $157,254 $131,586
======= ======= ======== ======== ======== ========
Ratio of earnings to fixed
charges ....................... 1.45x 1.45x 1.70x 1.67x 1.75x 1.41x
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