EX-12.1 2 h33482exv12w1.htm RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges is as follows:
                                         
    Year Ended December 31,  
    2005     2004     2003     2002     2001  
            (In thousands, except for ratios)                  
Earnings:
                                       
Income (loss) from continuing operations before provision for income taxes and cumulative effect of accounting change
  $ 197,977     $ 102,466     $ (80,868 )   $ (773,560 )   $ 85,369  
 
                                       
Minority interest
                (2,893 )            
 
                                       
Equity in undistributed earnings (losses) of affiliates
    253       4,885       (706 )     1,053       (3,418 )
 
                                       
Interest expense
    31,820       36,066       18,993       15,123       39,656  
 
                                       
Portion of rents representative of the interest factor
    11,019       16,317       15,810       15,011       14,442  
     
 
                                       
 
  $ 241,069     $ 159,734     $ (49,664 )   $ (742,373 )   $ 136,049  
     
 
                                       
Fixed charges:
                                       
Interest expense, including amount capitalized
    33,721       37,039       20,591       17,946       41,033  
 
                                       
Portion of rents representative of the interest factor
    11,019       16,317       15,810       15,011       14,442  
     
 
                                       
 
  $ 44,740     $ 53,356     $ 36,401     $ 32,957     $ 55,475  
     
 
                                       
Ratio of earnings to fixed charges
    5.39x       2.99x                   2.45x  
     
Earnings were inadequate to cover fixed charges for the years ended December 31, 2003 and 2002 by $86,065 and $775,330, respectively.