EX-12.1 11 a06-3288_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.1

Computation of Ratio of EBITDA to interest expense

 

 

For the Years Ended December 31,

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

(In thousands, except ratios)

 

EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

287,913

 

$

260,447

 

$

292,157

 

$

215,270

 

$

229,912

 

Add: Interest expense (1)

 

313,053

 

232,919

 

194,999

 

185,362

 

170,121

 

Add: Depreciation, depletion and amortization (2)

 

76,275

 

68,483

 

56,079

 

48,041

 

35,642

 

Total EBITDA

 

$

677,241

 

$

561,849

 

$

543,235

 

$

448,673

 

$

435,675

 

Interest expense

 

$

313,053

 

$

232,919

 

$

194,999

 

$

185,362

 

$

170,121

 

EBITDA/Interest expense (3)

 

2.16

x

2.41

x

2.79

x

2.42

x

2.56

x

 

Explanatory Notes:

(1)             For the years ended December 31, 2005, 2004, 2003, 2002 and 2001, interest expense includes $0, $190, $337, $348 and $536, respectively, of interest expense reclassed to discontinued operations.

(2)             For the years ended December 31, 2005, 2004, 2003, 2002 and 2001, depreciation, depletion and amortization includes $628, $4,705, $6,136, $6,144 and $5,679, resepectively, of depreciation and amortization reclassed to discontinued operations.

(3)             The ratio for 2004 gives effect to the CEO, CFO and ACRE Partners compensation charges of $106.9 million, the 8.75% Senior Notes due 2008 redemption charges of $11.5 million and the preferred stock redemption charge of $9.0 million. Excluding these charges, the ratio of EBITDA/Interest expense would have been 2.92x.