Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
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9 MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
2002 2001 2001 2000 1999 1998
---- ---- ---- ---- ---- ----
Earnings 271,656 115,174 165,784 127,228 104,241 74,577
Add back income taxes 382 1,174 14,262 4,648 (1,525) (20,475)
Add back fixed charges - interest on Bank Facility 9,646 4,246 7,249 17,167 9,934 4,473
- interest on Trust Preferred 5,423 5,565 7,484 7,582 8,288 8,540
- other interest expense 300 300 349 349 349 290
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Earnings before income taxes and fixed charges 287,407 126,459 195,128 156,974 121,287 67,405
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Fixed Charges
Interest Expense - Bank Facility 9,646 4,246 7,249 17,167 9,934 4,473
Interest Expense - Trust Preferreds 5,423 5,565 7,484 7,582 8,288 8,540
Interest Expense - other 300 300 349 349 349 290
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Total Interest 15,369 10,111 15,082 25,098 18,571 13,303
Preference Share Dividends 9,079 -- 1,418 -- -- --
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Total Fixed Charges 24,448 10,111 16,500 25,098 18,571 13,303
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Ratio of Earnings to Fixed Charges 18.70 12.51 12.94 6.25 6.53 5.07
Ratio of Earnings to Combined Fixed
Charges and Preference Share Dividends 11.76 12.51 11.83 6.25 6.53 5.07
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1997 1996
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Earnings 139,249 156,160
Add back income taxes -- --
Add back fixed charges - interest on Bank Facility 4,271 6,553
- interest on Trust Preferred 6,998 -
- other interest expense 259 112
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Earnings before income taxes and fixed charges 150,777 162,825
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Fixed Charges
Interest Expense - Bank Facility 4,271 6,553
Interest Expense - Trust Preferreds 6,998 --
Interest Expense - other 259 112
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Total Interest 11,528 6,665
Preference Share Dividends -- --
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Total Fixed Charges 11,528 6,665
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Ratio of Earnings to Fixed Charges 13.08 24.43
Ratio of Earnigs to Combined Fixed
Charges and Preference Share Dividends 13.08 24.43
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