Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||
Fixed charges — interest expensed | $ | 414,180 | $ | 219,283 | $ | 1,065,136 | $ | 914,248 | $ | 1,080,149 | $ | 1,802,210 | $ | 2,358,998 | ||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income before assessments | $ | 27,233 | $ | 28,753 | $ | 108,601 | $ | 122,217 | $ | 102,664 | $ | 157,305 | $ | 175,149 | ||||||||||||||
Fixed charges | 414,180 | 219,283 | 1,065,136 | 914,248 | 1,080,149 | 1,802,210 | 2,358,998 | |||||||||||||||||||||
Total earnings | $ | 441,413 | $ | 248,036 | $ | 1,173,737 | $ | 1,036,465 | $ | 1,182,813 | $ | 1,959,515 | $ | 2,534,147 | ||||||||||||||
Ratio of earnings to fixed charges | 1.07 | 1.13 | 1.10 | 1.13 | 1.10 | 1.09 | 1.07 | |||||||||||||||||||||