EXHIBIT 12.1

Q2 2003 Q2 2002 2002 2001 2000 1999 ------------ ------------ ------------ ------------ ------------ ------------ EARNINGS Profit before tax............ $ 35,411,937 $ 35,809,574 $139,247,953 $(44,449,456) $ 94,551,819 $260,680,199 Interest expense............. (39,809,329) (29,133,042) (60,766,181) (76,527,448) (86,536,048) (75,379,844) Equity in (earnings)/losses of investees............... (21,624,778) (8,827,339) (20,470,297) (11,501,911) 5,064,433 30,425,685 Pre-tax income/(loss) from continuing operations before adjustment from minority interest & (earnings)/loss from equity investees (26,022,170) (2,150,807) 58,011,475 (132,478,815) (2,951,338) 215,726,040 Adds: Fixed charges.............. 65,859,973 55,399,222 113,756,636 116,150,656 120,032,045 112,785,038 Amortization of capitalized interest................. 3,239,626 3,197,630 6,450,212 6,015,808 5,493,449 4,965,929 Losses @ Gtd Debt JV's..... -- -- -- -- -- (35,150,911) Distributed income of equity investees......... 4,126,221 5,073,914 9,686,609 4,862,563 1,421,402 739,315 SUBTRACTS: Capitalized interest....... 384,389 447,804 1,186,161 1,871,913 5,986,831 7,517,430 Preferred dividend of consolidated subs........ 10,615,476 10,500,000 21,000,000 11,238,888 -- -- Minority interest in pre-tax income of subs with no fixed charges -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ Net earnings................. $ 36,203,785 $ 50,572,155 165,718,771 $(18,560,589) $123,911,403 $291,547,981 ============ ============ ============ ============ ============ ============ FIXED CHARGES Interest expense............. $ 39,809,329 $ 29,133,042 60,766,181 $ 76,527,448 $ 86,536,048 $ 75,379,844 Capitalized interest......... 384,389 447,804 1,186,161 1,871,913 5,986,831 7,517,430 Amortization of deferred debt expense.................... 1,008,124 641,353 1,374,508 1,296,329 1,329,325 1,779,840 Expense amortization of debt discount................... -- -- -- 6,784 11,628 50,303 Interest component of rental expense ( 1/3 of total rent expense) 13,890,325 14,525,943 29,126,672 25,039,503 26,168,213 25,000,820 Dividends on preferred securities................. 10,615,476 10,500,000 21,000,000 11,238,888 -- -- Amortization of subscription fees on pref sec........... 152,330 151,080 303,114 169,791 -- -- Interest expense @ Gtd Debt JV's....................... -- -- -- -- -- 3,056,801 Interest component of rental expense @ Gtd Debt JV's ( 1/3 of total rent expense) -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ Total fixed charges.......... $ 65,859,973 $ 55,399,222 113,756,636 $116,150,656 $120,032,045 $112,785,038 ============ ============ ============ ============ ============ ============ Ratio........................ 0.5 0.9 1.5 (0.2) 1.0 2.6 Dollar amount of deficiency................. $ 29,656,188 $ 4,827,067 $134,711,245

1998 ------------ EARNINGS Profit before tax............ $ 64,128,048 Interest expense............. (72,150,535) Equity in (earnings)/losses of investees............... 30,227,737 Pre-tax income/(loss) from continuing operations before adjustment from minority interest & (earnings)/loss from equity investees 22,205,250 Adds: Fixed charges.............. 113,283,565 Amortization of capitalized interest................. 3,970,203 Losses @ Gtd Debt JV's..... (31,275,294) Distributed income of equity investees......... 2,233,146 SUBTRACTS: Capitalized interest....... 14,165,626 Preferred dividend of consolidated subs........ -- Minority interest in pre-tax income of subs with no fixed charges -- ------------ Net earnings................. $ 96,251,244 ============ FIXED CHARGES Interest expense............. $ 72,150,535 Capitalized interest......... 14,165,626 Amortization of deferred debt expense.................... 1,683,190 Expense amortization of debt discount................... 232,320 Interest component of rental expense ( 1/3 of total rent expense) 23,579,984 Dividends on preferred securities................. -- Amortization of subscription fees on pref sec........... -- Interest expense @ Gtd Debt JV's....................... 1,471,910 Interest component of rental expense @ Gtd Debt JV's ( 1/3 of total rent expense) -- ------------ Total fixed charges.......... $113,283,565 ============ Ratio........................ 0.8 Dollar amount of deficiency................. $ 17,032,321