EX-12.1 2 a2193315zex-12_1.htm EX-12.1
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Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)

 
  Nine Months Ended
September 30,
  Years Ended
December 31,
 
 
  Pro forma
2009
  2009   Pro forma
2008
  2008   2007   2006   2005   2004  
 
  (In Thousands)
 

EARNINGS

                                                 
 

Earnings from continuing operations before income taxes and net equity in undistributed earnings of equity investees

    (1,494,858 )   (1,488,522 )   (1,639,056 )   (1,601,001 )   231,426     254,649     245,488     200,144  
 

Add fixed charges (excluding portion capitalized)

    131,152     124,816     165,266     127,211     114,365     72,997     62,385     58,622  
                                   
 

Earnings available for fixed charges

    (1,363,706 )   (1,363,706 )   (1,473,790 )   (1,473,790 )   345,791     327,646     307,873     258,766  

FIXED CHARGES

                                                 
 

Interest cost and amortization of debt costs, discounts and premiums

    138,221     131,685     184,267     143,534     127,063     75,508     62,300     57,844  
 

Portion of rental cost equivalent to interest

    4,466     4,466     4,867     4,867     3,094     2,047     1,440     1,159  
                                   
 

Total fixed charges

    142,687     136,151     189,134     148,401     130,157     77,555     63,740     59,003  
                                   

Ratio of earnings to fixed charges

    (a )   (b )   (a )   (b )   2.7     4.2     4.8     4.4  

(a)
Adjusted to give effect to a pro forma increase in interest expense resulting from the issuance of the notes and the utilization of the net proceeds from the sale of the notes to repay indebtedness that was outstanding under our bank credit facilities during the nine months ended September 30, 2009 and year ended December 31, 2008 as if the issuance of the notes had occurred on January 1, 2009 and January 1, 2008, respectively. Earnings for the pro forma nine months ended September 30, 2009 and year ended December 31, 2008 were insufficient to cover fixed charges by $1.5 billion and $1.7 billion, respectively.

(b)
Earnings for the nine months ended September 30, 2009 and year ended December 31, 2008 were insufficient to cover fixed charges by $1.5 billion and $1.6 billion, respectively.



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