EX-12.1 2 a10-12732_1ex12d1.htm EX-12.1

 

Exhibit 12.1: Computation of Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONTHS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDED

 

 

 

TWELVE MONTHS ENDED DECEMBER 31,

 

 

JUNE 30,

 

 (in thousands, except ratio)

 

2005

 

2006

 

2007

 

2008

 

2009

 

 

2010

 

 Consolidated pretax income (loss)

 

  $

721,051

 

$

567,108

 

$

(420,098

)

$

(405,764

)

$

(259,671

)

 

$

(36,060

)

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

 

(315

)

260

 

(342

)

43,900

 

(333

)

 

(176

)

Amortization of capitalized interest

 

45,483

 

48,708

 

41,689

 

61,146

 

54,309

 

 

26,588

 

Interest

 

66,697

 

71,955

 

62,122

 

47,109

 

53,728

 

 

29,301

 

Less interest capitalized during the period

 

(65,959

)

(71,750

)

(62,024

)

(46,889

)

(39,127

)

 

(15,705

)

Interest portion of rental expense

 

5,678

 

7,736

 

8,911

 

7,416

 

4,475

 

 

1,725

 

EARNINGS (LOSS)

 

  $

772,635

 

$

624,017

 

$

(369,742

)

$

(293,082

)

$

(186,619

)

 

$

5,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

  $

66,697

 

$

71,955

 

$

62,122

 

$

47,109

 

$

53,728

 

 

$

29,301

 

Interest portion of rental expense

 

5,678

 

7,736

 

8,911

 

7,416

 

4,475

 

 

1,725

 

FIXED CHARGES

 

  $

72,375

 

$

79,691

 

$

71,033

 

$

54,525

 

$

58,203

 

 

$

31,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SURPLUS/(DEFICIENCY)

 

  $

700,260

 

$

544,326

 

$

(440,775

)

$

(347,607

)

$

(244,822

)

 

$

(25,353

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.68

 

7.83

 

-

 

-

 

-

 

 

-