EX-12.1 2 v98041a4exv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES The table below sets forth our earnings to fixed charges on a consolidated, historical basis for each of the periods indicated:
March 31, Year Ended December 31, ------------------ ------------------------------------------------------ 2004 2003 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- ---- ---- (In thousands, except ratios) Earnings: Income (loss) before income tax expense $(66,200) $(87,900) $29,000 $(101,800) $(63,515) $(26,905) $213,003 Less: Capitalized interest (295) (786) (2,336) (2,646) (10,612) (17,684) (12,632) Add: Interest on indebtedness 12,040 11,158 47,508 46,261 47,429 36,046 16,339 Amortization of debt expense 307 221 1,103 815 703 330 440 Amortization of capitalized interest 1,199 1,210 4,990 4,993 5,013 4,736 4,663 Portion of rent under long-term operating leases representative of an interest factor 25,848 22,951 96,026 91,356 84,161 80,303 82,505 Earnings available for fixed charges $(27,101) $(53,146) $176,291 $38,979 $63,179 $76,836 $304,318 Fixed Charges: Interest $12,040 $11,158 $47,508 $46,261 $47,429 $36,046 $16,339 Amortization of debt expense 307 221 1,103 815 703 330 440 Portion of rent under long-term operating leases representative of an interest factor 25,848 22,951 96,026 91,356 84,161 80,313 82,505 Total Fixed Charges $38,195 $34,330 $144,637 $138,432 $132,293 $116,689 $99,284 Ratio of Earnings to Fixed Charges -- -- 1.22 0.28 0.48 0.66 3.07 Coverage Deficiency $65,296 $87,476 -- $99,453 $69,114 $39,853 --
For the purposes of computing this ratio, earnings represent net income before fixed charges and income taxes, adjusted to exclude capitalized interest. Fixed charges represent interest on indebtedness, a portion of rent under long-term operating leases that represents an interest factor and amortized expenses related to long- term debt.