EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
FOR THE YEAR ENDED DECEMBER 31,
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2001 2000 1999 1998 1997 1996
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(IN THOUSANDS)
Earnings.................................. $165,784 $127,228 $104,241 $74,577 $139,249 $156,160
Add:
Income taxes............................ 14,262 4,648 (1,525) (20,475) -- --
Fixed charges:
Interest on Bank Facility............. 7,249 17,167 9,934 4,473 4,271 6,553
Interest on Trust Preferred........... 7,484 7,582 8,288 8,540 6,998 --
Other interest expense................ 349 349 349 290 259 112
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Earnings before income taxes and fixed
charges............................... $195,128 $156,974 $121,287 $67,405 $150,777 $162,825
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Fixed charges:
Interest expense (Bank Facility).... 7,249 17,167 9,934 4,473 4,271 6,553
Interest expense (Trust Preferred).. 7,484 7,582 8,288 8,540 6,998 --
Interest expense (Other)............ 349 349 349 290 259 112
Total interest................... 15,082 25,098 18,571 13,303 11,528 6,665
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Preference share dividends.......... 1,418 -- -- -- -- --
Total fixed charges..................... $16,500 $25,098 $18,571 $13,303 $11,528 $6,665
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Ratio of earnings to fixed charges...... 12.94 6.25 6.53 5.07 13.08 24.43
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Ratio of earnings to combined fixed
charges and preference share dividends. 11.83 6.25 6.53 5.07 13.08 24.43
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