Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
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Six Months Ended June 30, |
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Twelve Months Ended December 31, |
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2003 |
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2002 |
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2001 |
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2000 |
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1999 |
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1998 |
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Earnings: |
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Income from Continuing Operations |
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$ |
75,042 |
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$ |
206,198 |
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$ |
327,367 |
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$ |
302,332 |
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$ |
269,772 |
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$ |
242,892 |
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Income Taxes |
|
48,002 |
|
132,228 |
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213,535 |
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194,200 |
|
141,592 |
|
138,589 |
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Fixed Charges |
|
114,802 |
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219,651 |
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211,958 |
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202,804 |
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194,070 |
|
201,184 |
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Total |
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237,846 |
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558,077 |
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752,860 |
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699,336 |
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605,434 |
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582,665 |
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Fixed Charges: |
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Interest Expense |
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98,968 |
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187,512 |
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175,822 |
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166,447 |
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157,142 |
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163,975 |
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Estimated Interest Portion of Annual Rents |
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15,834 |
|
32,139 |
|
36,136 |
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36,357 |
|
36,928 |
|
37,209 |
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Total Fixed Charges |
|
114,802 |
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219,651 |
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211,958 |
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202,804 |
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194,070 |
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201,184 |
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Ratio of Earnings to Fixed Charges (rounded down) |
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2.07 |
|
2.54 |
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3.55 |
|
3.44 |
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3.11 |
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2.89 |
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