EX-12.1 3 g22802exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Ratio of Earnings to Fixed Charges
                                         
    Year Ended December 31,  
(Dollars in Thousands)   2009     2008     2007     2006     2005  
Earnings:
                                       
Pre-tax income (loss)
  $ (7,287,045 )   $ (3,576,023 )   $ 75,892     $ (322,229 )   $ 110,709  
Add: fixed charges
    514,419       940,972       992,457       863,843       312,438  
 
                             
Earnings available for fixed charges
  $ (6,772,626 )   $ (2,635,051 )   $ 1,068,349     $ 541,614     $ 423,147  
 
                             
Fixed charges:
                                       
Interest expense
  $ 505,193     $ 931,972     $ 983,660     $ 855,394     $ 309,144  
Interest component of rent expense
    9,226       9,000       8,797       8,449       3,294  
 
                             
Total fixed charges
  $ 514,419     $ 940,972     $ 992,457     $ 863,843     $ 312,438  
 
                             
Ratio of earnings to fixed charges (1)
    (2 )     (2 )     1.1       (2 )     1.4  
 
                             
 
(1)   The ratio of earnings to fixed charges has been computed by dividing earnings by fixed charges. For purposes of computing the ratio:
    earnings consist of (a) income (loss) from continuing operations before income taxes and (b) fixed charges; and
 
    fixed charges consists of (a) interest on debt, (b) amortization of debt issuance costs and (c) one-third of operating rental expense, which management believes is representative of the interest component of rent expense.
 
(2)   Due to our losses in the years ended December 31, 2009, 2008 and 2006, the ratio was less than 1:1 for these periods. We would have had to generate additional earnings of $7,287,045, $3,576,023 and $322,229 to achieve a ratio of earnings to fixed charges of 1:1 for the years ended December 31, 2009, 2008 and 2006, respectively.