EX-12.1 17 a2190506zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1:    Computation of Ratio of Earnings to Fixed Charges

  YEAR ENDED DECEMBER 31,   

(in thousands, except ratio)

     2004     2005     2006     2007     2008  
   

Consolidated pretax income (loss)

   $ 521,212   $ 721,051   $ 567,108   $ (420,098 ) $ (405,764 )

Share of distributed loss (income) of 50%-or-less-owned affiliates, net of equity pickup

    
(5,772
)		  
(315
)		  
260		    
(342
)		  
43,900		  

Amortization of capitalized interest

     41,764     45,483     48,708     41,689     61,146  

Interest

     53,242     66,697     71,955     62,122     47,109  

Less interest capitalized during the period

     (52,015 )   (65,959 )   (71,750 )   (62,024 )   (46,889 )

Interest portion of rental expense

     5,639     5,678     7,736     8,911     7,416  
       

EARNINGS (LOSS)

   $ 564,070   $ 772,635   $ 624,017   $ (369,742 ) $ (293,082 )

Interest

  
$
53,242		  
$
66,697		  
$
71,955		  
$
62,122		  
$
47,109		  

Interest portion of rental expense

     5,639     5,678     7,736     8,911     7,416  
       

FIXED CHARGES

   $ 58,881   $ 72,375   $ 79,691   $ 71,033   $ 54,525  

Ratio of earnings (loss) to fixed charges

    
9.58		    
10.68		    
7.83		    
(5.21
)		  
(5.38
)
   



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