EX-12.1 2 h44086exv12w1.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,
    2006   2005   2004   2003   2002
    (In thousands, except for ratios)
Earnings:
                                        
Income (loss) from continuing operations before provision for income taxes and cumulative effect of accounting change
   $ 348,557     $ 206,700     $ 104,840     $ (67,776 )   $ (751,892 )
 
                                        
Minority interest
     —       —       —       (2,893 )     —  
 
                                        
Equity in undistributed earnings (losses) of affiliates
     3,382       253       4,885       (706 )     1,053  
 
                                        
Interest expense
     24,629       31,820       36,066       18,993       15,123  
 
                                        
Portion of rents representative of the interest factor
     17,318       11,019       16,317       15,810       15,011  
     
 
                                        
 
   $ 393,886     $ 249,792     $ 162,108     $ (36,572 )   $ (720,705 )
     
Fixed charges:
                                        
Interest expense, including amount capitalized
   $ 27,689     $ 33,721     $ 37,039     $ 20,591     $ 17,946  
 
                                        
Portion of rents representative of the interest factor
     17,318       11,019       16,317       15,810       15,011  
     
 
                                        
 
   $ 45,007     $ 44,740     $ 53,356     $ 36,401     $ 32,957  
     
 
                                        
Ratio of earnings to fixed charges
     8.75x       5.58x       3.04x       —       —  
     
Earnings were inadequate to cover fixed charges for the years ended December 31, 2003 and 2002 by $72,973 and $753,662, respectively.