EX-12.1 3 a2202122zex-12_1.htm EX-12.1
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Exhibit 12.1

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

 
  Year ended
December 31,
2010
  Year ended
December 31,
2009
  Year ended
December 31,
2008
  Year ended
December 31,
2007
  Year ended
December 31,
2006
 

Earnings (loss):

                               

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

  $ 371,766   $ 77,220   $ (1,077,601 ) $ 205,000   $ 120,868  

Add: Fixed charges from below

    156,852     289,374     564,614     617,504     430,384  
                       

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

  $ 528,618   $ 366,594   $ (512,987 ) $ 822,504   $ 551,252  

Fixed charges:

                               

Interest expense

  $ 156,852   $ 289,374   $ 564,614   $ 617,504   $ 430,384  
                       

Total fixed charges

  $ 156,852   $ 289,374   $ 564,614   $ 617,504   $ 430,384  

Ratio of earnings to fixed charges

   
3.4x
   
1.3x
   
*
 
1.3x
   
1.3x
 

*
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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Computation of Ratios of Earnings to Fixed Charges (Amounts in thousands)