EX-12.1 3 0003.txt STATEMENT REGARDING COMPUTATION OF RATIOS EXHIBIT 12.1 Computation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividends (dollars in thousands)
Ratio of Earnings to Fixed Charges: FISCAL YEAR ENDED ------------------------------------------------------------- 1995 1996 1997 1998 1999 ------------------------------------------------------------- Interest expense $ 3,059 $ 14,837 $ 45,276 $ 66,494 $ 69,253 Capitalized interest 18,043 17,670 29,440 29,711 47,002 Estimated interest portion of rent expense 7,308 9,420 8,295 10,215 10,765 ------------------------------------------------------------- Fixed charges $ 28,410 $ 41,927 $ 83,011 $ 106,420 $ 127,020 ============================================================= Income (loss) before income taxes $ 251,606 $ (208,756) $ (100,832) $ (207,429) $ 73,625 Fixed charges per above 28,410 41,927 83,011 106,420 127,020 Less: interest charges capitalized (18,043) (17,670) (29,440) (29,711) (47,002) Amortization of capitalized interest 5,619 7,009 9,300 12,933 16,381 ------------------------------------------------------------- Earnings (loss) $ 267,592 $ (177,490) $ (37,961) $ (117,787) $ 170,024 ============================================================= Ratio of earnings to fixed charges 9.4x * * * 1.3x Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends: Earnings (loss) $ 267,592 $ (177,490) $ (37,961) $ (117,787) $ 170,024 ------------------------------------------------------------- Fixed charges 28,410 41,927 83,011 106,420 127,020 Preferred stock dividend requirements 14 ------------------------------------------------------------- Combined fixed charges & preferred stock dividends $ 28,424 $ 41,927 $ 83,011 $ 106,420 $ 127,020 ============================================================= Ratio of earnings to combined fixed charges and preferred stock dividends 9.4x * * * 1.3x
*Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is $219,417, $120,972, and $224,207 in 1996, 1997, and 1998 respectively.