Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS AND RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to combined fixed charges
and preferred share dividends and our ratio of earnings to fixed charges for
each of the periods indicated:
Year Ended December 31,
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2004 2003 2002(A) 2001(A) 2000(A)
---- ---- ------- ------- -------
Ratio of Earnings to
Combined Fixed Charges and
Preferred Stock Dividends 1.63 1.64 1.67 2.01 1.89
Ratio of Earnings to
Fixed Charges 1.70 1.74 1.72 2.16 2.00
(A) Represents the operations of our predecessor through the date of
commencement of our operations, July 12, 2002.
For purposes of calculating the above ratios, (i) earnings represent "Income
before equity in earnings of unconsolidated subsidiaries" from our consolidated
statements of income, as adjusted for fixed charges and distributions from
unconsolidated subsidiaries, and (ii) fixed charges represent "Interest expense"
from our consolidated statements of income. The ratios are based solely on
historical financial information.