EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
FOR THE THREE
MONTHS ENDED
MARCH 31, FOR THE YEAR ENDED DECEMBER 31,
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2001 2000 2000 1999 1998 1997 1996 1995
------- ------- -------- --------- -------- -------- -------- --------
(IN THOUSANDS)
Earnings ............................. $44,905 $24,075 $127,228 $ 104,241 $ 74,577 $139,249 $156,160 $162,786
Add:
Income taxes ...................... 876 420 4,648 (1,525) (20,475) -- -- --
Fixed charges:
Interest on Bank Facility ....... 864 4,252 17,167 9,934 4,473 4,271 6,553 6,424
Interest on Trust Preferred ..... 1,847 1,859 7,582 8,288 8,540 6,998 -- --
Other interest expense .......... -- 87 349 349 290 259 112 84
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Earnings before income taxes and
fixed charges ..................... $48,492 $30,693 $156,974 $ 121,287 $ 67,405 $150,777 $162,825 $169,294
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Fixed charges:
Interest expense (Bank Facility) .. 864 4,252 17,167 9,934 4,473 4,271 6,553 6,424
Interest expense (Trust Preferred). 1,847 1,859 7,582 8,288 8,540 6,998 -- --
Interest expense (Other) .......... -- 87 349 349 290 259 112 84
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Total interest .................. 2,711 6,198 25,098 18,571 13,303 11,528 6,665 6,508
Preference share dividends ........ -- -- -- -- -- -- -- 2,536
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Total fixed charges .................. $ 2,711 6,198 $ 25,098 $ 18,571 $ 13,303 $ 11,528 $ 6,665 $ 9,044
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Ratio of earnings to fixed charges ... 17.89 4.95 6.25 6.53 5.07 13.08 24.43 26.01
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Ratio of earnings to combined fixed
charges and preference share
dividends ......................... 17.89 4.95 6.25 6.53 5.07 13.08 24.43 18.72
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