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EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES:
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SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
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2000 1999 1998 1997 1996 1995
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COMPUTATION OF EARNINGS:
<S> <C> <C> <C> <C> <C> <C>
Pretax income (loss) from continuing operations........ $51,101 $240,363 $590,231 $430,061 $212,705 $(13,803)
Less: Interest capitalized during the period and
actual preferred dividend requirements of
majority-owned subsidiaries and 50%-owned
persons included in fixed charges but not
deducted from pretax income from above.......... (5,952) (6,329) (1,031) (4,382) (3,973) --
Add: Previously capitalized interest amortized
during the period............................... 167 334 334 192 -- --
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Total earnings, before fixed charge addition........... 45,316 234,368 589,534 425,871 208,732 (13,803)
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COMPUTATION OF FIXED CHARGES:
Interest, including interest capitalized............... 8,992 16,009 16,121 15,241 6,831 27,052
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Total fixed charges.................................... 8,992 16,009 16,121 15,241 6,831 27,052
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TOTAL EARNINGS AND FIXED CHARGES....................... $54,308 $250,377 $605,655 $441,112 $215,563 $ 13,249
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RATIO OF EARNINGS TO FIXED CHARGES (1)................. 6.04 15.64 37.57 28.94 31.56 --
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(1) The deficiency in earnings available for fixed charges for the
year ended December 31, 1995 was approximately $13.8 million.
