EX-12.1 4 y88208exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
                                                 
    Nine Months Ended  
    September 30     Year ended December 31,
(Dollars in thousands)   2010     2009     2008     2007     2006     2005  
 
Ratio of Earnings to Fixed Charges
Earnings:
                                               
Income/(loss) before income taxes (a)
  $ 27,486     $ (431,914 )   $ (343,174 )   $ (313,360 )   $ 332,022     $ 587,162  
Add: Fixed Charges, net
    120,206       227,702       731,287       1,390,273       1,358,385       882,474  
Add: Distributed income of equity investees
                1,009       670       1,536       2,321  
     
Income/(loss) before income taxes and fixed charges, net
  $ 147,692     $ (204,212 )   $ 389,122     $ 1,077,583     $ 1,691,943     $ 1,471,957  
 
                                               
Fixed Charges:
                                               
Total interest expense
  $ 114,424     $ 216,471     $ 711,643     $ 1,365,317     $ 1,332,173     $ 856,147  
Interest factor in rents
    5,782       11,231       19,644       24,956       26,212       26,327  
     
Total fixed charges
  $ 120,206     $ 227,702     $ 731,287     $ 1,390,273     $ 1,358,385     $ 882,474  
 
                                               
     
Ratio of earnings to fixed charges
    1.2       *       *       *       1.2       1.7  
 
 
                                               
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Earnings:
                                               
Income/(loss) before income taxes (a)
  $ 27,486     $ (431,914 )   $ (343,174 )   $ (313,360 )   $ 332,022     $ 587,162  
Add: Fixed Charges, net
    120,206       227,702       731,287       1,390,273       1,358,385       882,474  
Add: Distributed income of equity investees
                1,009       670       1,536       2,321  
     
Income/(loss) before income taxes and fixed charges, net
  $ 147,692     $ (204,211 )   $ 389,122     $ 1,077,583     $ 1,691,943     $ 1,471,957  
 
                                               
Fixed Charges:
                                               
Total interest expense
  $ 114,424     $ 216,471     $ 711,643     $ 1,365,317     $ 1,332,173     $ 856,147  
Interest factor in rents
    5,782       11,231       19,644       24,956       26,212       26,327  
Preferred stock dividends (b)
    88,964       118,312       35,715       31,392       30,302       17,988  
     
Total fixed charges and preferred stock dividends
  $ 209,170     $ 346,014     $ 767,002     $ 1,421,665     $ 1,388,687     $ 900,462  
 
                                               
     
Ratio of earnings to fixed charges and preferred stock dividends
    *       *       *       *       1.2       1.6  
 
*   Earnings for the reporting period were inadequate to cover total fixed charges and/or total fixed charges and preferred dividends.
 
(a)   Pre-tax earnings from continuing operations excluding income attributable to noncontrolling interests and income/loss from equity investees.
 
(b)   The preferred dividend amounts represent pre-tax earnings required to cover total dividends on preferred stock.