EX-12.1 2 a08-25488_1ex12d1.htm EX-12.1

 

Exhibit 12.1:      Computation of Ratio of Earnings to Fixed Charges

 

 

 

YEAR ENDED DECEMBER 31,

 

NINE MONTHS

ENDED

SEPTEMBER 30,

 

(in thousands, except ratio)

 

2003

 

2004

 

2005

 

2006

 

2007

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated pretax income (loss)

 

$

396,217

 

$

521,212

 

$

721,051

 

$

567,108

 

$

(420,098

)

$

(316,616

)

Share of distributed loss (income) of 50%-or-less-

 

 

 

 

 

 

 

 

 

 

 

 

 

owned affiliates net of equity pickup

 

94

 

(5,772

)

(315

)

260

 

(342

)

42,625

 

Amortization of capitalized interest

 

38,263

 

41,764

 

45,483

 

48,708

 

41,689

 

30,495

 

Interest

 

50,125

 

53,242

 

66,697

 

71,955

 

62,122

 

35,683

 

Less interest capitalized during the period

 

(42,602

)

(52,015

)

(65,959

)

(71,750

)

(62,024

)

(35,547

)

Interest portion of rental expense

 

5,973

 

5,639

 

5,678

 

7,736

 

8,911

 

5,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS)

 

$

448,070

 

$

564,070

 

$

772,635

 

$

624,017

 

$

(369,742

)

$

(237,857

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

50,125

 

$

53,242

 

$

66,697

 

$

71,955

 

$

62,122

 

$

35,683

 

Interest portion of rental expense

 

5,973

 

5,639

 

5,678

 

7,736

 

8,911

 

5,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

$

56,098

 

$

58,881

 

$

72,375

 

$

79,691

 

$

71,033

 

$

41,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

7.99

 

9.58

 

10.68

 

7.83

 

(5.21

)

(5.78

)