EX-12.1 3 a2196605zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

Computation of Ratios of Earnings to Fixed Charges
(amounts in thousands)

 
   Year ended
December 31,
2009 		  Year ended
December 31,
2008* 		  Year ended
December 31,
2007* 		  Year ended
December 31,
2006* 		  Year ended
December 31,
2005* 		 

Earnings (loss):

                                

Income (loss) before equity in income of unconsolidated affiliate and income tax expense

   $ 77,220   $ (1,077,601 ) $ 205,000   $ 120,868   $ 69,777  

Add: Fixed charges from below

     289,374     564,614     617,504     430,384     107,792  
                       

Total earnings (loss) before equity in income of unconsolidated affiliate, income tax expense and fixed charges

   $ 366,594   $ (512,987 ) $ 822,504   $ 551,252   $ 177,569  

Fixed charges:

                                

Interest expense

   $ 289,374   $ 564,614   $ 617,504   $ 430,384   $ 107,792  
                       

Total fixed charges

   $ 289,374   $ 564,614   $ 617,504   $ 430,384   $ 107,792  

Ratio of earnings to fixed charges

     1.3x     **     1.3x     1.3x     1.6x
 		 
*
Certain prior period information has been reclassified to conform to the current year's presentation.

**
Losses exceeded fixed charges by approximately $513.0 million for the year ended December 31, 2008. The coverage deficiency for total fixed charges for the year ended December 31, 2008 was $1,077.6 million to arrive at a one-to-one ratio.



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