Billy Joel is looking forward to becoming the father of a newborn once again.

"Pretty wild, huh?" Joel, 66, says, in his first interview since announcing that he and longtime girlfriend Alexis Roderick, who is in her 30s, are expecting their first child late this summer. "I've still got the mojo. I'm excited!"

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Between his monthly shows at Madison Square Garden, playing stadiums across the country and preparing for his new daughter, Joel's summer is pretty full, but he has taken some time to consider how his life is about to change.

"I'm gonna spend a lot of time with this kid," he says. "I was thinking about that. I'm probably going to be able to spend more time with this kid than most people are able to spend with their children, because I don't have a regular job. I could be a stay-at-home dad for as long as I can stay alive."

Joel says he is very close to his daughter with ex-wife Christie Brinkley, 29-year-old singer-songwriter Alexa Ray Joel, but does wish some things had been different.

"I would like to have been around more because I was on the road for years and years when she was a little girl," he says of Alexa. "And after Christie and I split up, she was in Colorado, so I missed out on some of her childhood, which I would like to have been there for. But now I have a chance to do it better. . . . Here I go again."

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Joel says his new daughter may have to get used to seeing too much of him. "She's going to have her dad around a lot," he says. "She'll probably be very embarrassed by the time she graduates high school, with kids asking, 'Is that your grandfather? No that's my dad.' . . . But all kids reach that age where everything you do embarrasses them."