EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
FOR THE SIX
MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
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2001 2000 2000 1999 1998 1997 1996 1995
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(IN THOUSANDS)
Earnings.................................. $85,244 $53,795 $127,228 $104,241 $74,577 $139,249 $156,160 $162,786
Add:
Income taxes............................ 1,178 32 4,648 (1,525) (20,475) -- -- --
Fixed charges:
Interest on Bank Facility............. 1,547 8,610 17,167 9,934 4,473 4,271 6,553 6,424
Interest on Trust Preferred........... 3,742 3,797 7,582 8,288 8,540 6,998 -- --
Other interest expense................ -- -- 349 349 290 259 112 84
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Earnings before income taxes and fixed
charges............................... $91,711 $66,234 $156,974 $121,287 $67,405 $150,777 $162,825 $169,294
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Fixed charges:
Interest expense (Bank Facility).... 1,547 8,610 17,167 9,934 4,473 4,271 6,553 6,424
Interest expense (Trust Preferred).. 3,742 3,797 7,582 8,288 8,540 6,998 -- --
Interest expense (Other)............ -- -- 349 349 290 259 112 84
Total interest................... 5,289 12,407 25,098 18,571 13,303 11,528 6,665 6,508
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Preference share dividends.......... -- -- -- -- -- -- -- 2,536
Total fixed charges..................... $5,289 $12,407 $25,098 $18,571 $13,303 $11,528 $6,665 $9,044
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Ratio of earnings to fixed charges...... 17.34 5.34 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. 17.34 5.34 6.25 6.53 5.07 13.08 24.43 18.72
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