EX-12.1 2 dex121.htm STATEMENT OF COMPUTATION OF RATIOS Statement of Computation of Ratios

Exhibit 12.1

 

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

Ratio of Earnings to Fixed Charges:

 

     Fiscal Year Ended
  
     1999
     2000
     2001
     2002
     2003
     2004
  

Interest expense

    $ 69,253     $ 60,037     $ 61,360     $ 71,349     $ 109,960     $ 112,328  

Capitalized interest

      47,002       26,451       7,043       10,711       1,473       9,398  

Estimated interest portion of financing cost

      10,765       17,332       25,046       88,750       17,568       14,452  
    
 
 
 
 
 

Fixed charges

    $ 127,020     $ 103,820     $ 93,449     $ 170,810     $ 129,001     $ 136,178  
    
 
 
 
 
 

Income (loss) before income taxes and equity in joint venture

    $ 73,625     $ 1,251,899     $ (93,923 )   $ (1,264,603 )   $ (322,228 )   $ 78,331  

Fixed charges

      127,020       103,820       93,449       170,810       129,001       136,178  

Less: interest charges capitalized

      (47,002 )     (26,451 )     (7,043 )     (10,711 )     (1,473 )     (9,398 )

Amortization of capitalized interest

      16,381       22,598       24,877       22,203       22,981       16,252  
    
 
 
 
 
 

Earnings (loss)

    $ 170,024     $ 1,351,866     $ 17,360     $ (1,082,301 )   $ (171,719 )   $ 221,363  
    
 
 
 
 
 

Ratio of earnings to fixed charges

      1.3x       13.0x       *       *       *       1.6x  
* Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is approximately $76,000, $1,253,000 and $301,000 in 2001, 2002 and 2003, respectively.