EX-12.1 2 a11-8083_1ex12d1.htm EX-12.1

 

Exhibit 12.1:   Computation of Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONTHS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ENDED

 

 

 

TWELVE MONTHS ENDED DECEMBER 31,

 

 

MARCH 31,

 

(in thousands, except ratio)

 

2006

 

2007

 

2008

 

2009

 

2010

 

 

2011

 

Consolidated pretax earnings (loss)

 

  $

567,108

 

$

(420,098

)

$

(405,764

)

$

(259,671

)

$

(84,944

)

 

  $

(21,934

)

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

 

260

 

(342

)

43,900

 

(333

)

3,671

 

 

(72

)

Amortization of capitalized interest

 

48,708

 

41,689

 

61,146

 

54,309

 

43,238

 

 

5,974

 

Interest

 

71,955

 

62,122

 

47,109

 

53,728

 

59,852

 

 

15,617

 

Less interest capitalized during the period

 

(71,750

)

(62,024

)

(46,889

)

(39,127

)

(33,321

)

 

(9,329

)

Interest portion of rental expense

 

7,736

 

8,911

 

7,416

 

4,475

 

3,835

 

 

624

 

 

 

EARNINGS (LOSS)

 

  $

624,017

 

$

(369,742

)

$

(293,082

)

$

(186,619

)

$

(7,669

)

 

  $

(9,120

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

  $

71,955

 

$

62,122

 

$

47,109

 

$

53,728

 

$

59,852

 

 

  $

15,617

 

Interest portion of rental expense

 

7,736

 

8,911

 

7,416

 

4,475

 

3,835

 

 

624

 

 

 

FIXED CHARGES

 

  $

79,691

 

$

71,033

 

$

54,525

 

$

58,203

 

$

63,687

 

 

  $

16,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SURPLUS/(DEFICIENCY)

 

  $

544,326

 

$

(440,775

)

$

(347,607

)

$

(244,822

)

$

(71,356

)

 

  $

(25,361

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

7.83

 

-

 

-

 

-

 

-

 

 

-