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EXHIBIT 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
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YEAR ENDED DECEMBER 31, QUARTER ENDED
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1995 1996 1997 1998 1999 MARCH 31, 2000
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(IN THOUSANDS)
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COMPUTATION OF EARNINGS:
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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 20,257
Fixed charges.................... 33,626 49,762 74,489 102,606 157,254 61,720
Amortization of capitalized
interest....................... -- -- -- 136 331 103
Distributed income of equity
investees...................... -- 1,274 21,042 27,717 43,318 10,260
Interest capitalized............. -- -- (6,200) (7,000) (47,300) (29,875)
Minority interest in pretax
income of subsidiaries that
have not incurred fixed
charges........................ -- -- -- -- 265 339
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Total earnings................... 48,907 72,255 126,671 171,592 275,492 62,804
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COMPUTATION OF FIXED CHARGES:
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Interest expensed and
capitalized.................... 32,877 46,384 69,437 96,317 142,448 51,202
Estimate of interest within
rental expense................. 749 3,378 5,052 6,289 12,241 3,540
Distributions on HIGH TIDES...... -- -- -- -- 2,565 6,978
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Total fixed charges.............. 33,626 49,762 74,489 102,606 157,254 61,720
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Ratio of earnings to fixed
charges........................ 1.45x 1.45x 1.70x 1.67x 1.75x 1.02x
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