EX-12.1 2 l30916bexv12w1.htm EX-12.1 EX-12.1
EXHIBIT 12.1
                                                         
                    Ratio of Earnings to Fixed Charges  
 
                       
    Three Months Ended March 31,     Year Ended December 31,  
(Dollars in Thousands)   2008     2007     2007     2006     2005     2004     2003  
Earnings:
                                                       
Pre-tax income (loss)
  $ (2,433,480 )   $ 26,363     $ 75,892     $ (322,229 )   $ 110,709     $ 116,218     $ (85,971 )
Deduct: income from partnerships
                                  (12,777 )     (17,347 )
Add: cash received from partnerships
                                  13,267       23,026  
Add: fixed charges
    227,017       244,761       992,457       863,843       312,438       191,945       186,777  
                                           
Earnings available for fixed charges
  $ (2,206,463 )   $ 271,124     $ 1,068,349     $ 541,614     $ 423,147     $ 308,653     $ 106,485  
 
         
 
                             
Fixed charges:
                                                       
Interest expense
  $ 224,813     $ 242,778     $ 983,660     $ 855,394     $ 309,144     $ 188,048     $ 183,387  
Interest component of rent expense
    2,204       1,983       8,797     8,449       3,294       3,897       3,390  
                                           
Total fixed charges
    227,017       224,761     $ 992,457     $ 863,843     $ 312,438     $ 191,945     $ 186,777  
                                           
Ratio of earnings to fixed charges (1)
    (2 )     1.1       1.1     (2 )     1.4       1.6       (2 )
                                           
(1)   The ratio of earnings to fixed charges has been computed by dividing earnings by fixed charges. For purposes of computing he ratio:
     
  earnings consist of (a) income from continuing operations before income from equity investments in partnerships and income taxes, (b) fixed charges and (c) cash distributions from partnership investments; 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 three months ended March 31, 2008 and the years ended December 31, 2006 and 2003, the ratio was less than 1:1 for these periods. We would have had to generate additional earnings of $2,433,480, $322,229 and $80,292 to achieve a ratio of earnings to fixed charges of 1:1 for the three months ended March 31, 2008 and the years ended December 31, 2006 and 2003, respectively.