EX-12.1 2 a13-7696_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)

 

2008

 

2009

 

2010

 

2011

 

2012

 

2013

 

(Loss) income from continuing operations before taxes

 

$

(378,571)

 

$

(240,542)

 

$

(80,497)

 

$

(32,732)

 

$

43,967

 

$

22,203

 

Share of distributed loss (income) of

 

 

 

 

 

 

 

 

 

 

 

 

 

50%-or-less-owned affiliates,

 

 

 

 

 

 

 

 

 

 

 

 

 

net of equity pickup

 

43,926

 

(308)

 

3,705

 

976

 

(1,218)

 

(164)

 

Amortization of capitalized interest

 

57,700

 

51,477

 

40,791

 

32,068

 

40,612

 

11,114

 

Interest

 

37,348

 

46,949

 

55,615

 

56,635

 

59,503

 

16,805

 

Less: interest capitalized during the period

 

(44,893)

 

(35,931)

 

(31,221)

 

(38,032)

 

(42,327)

 

(12,894)

 

Interest portion of rental expense

 

7,114

 

4,354

 

3,733

 

2,360

 

1,976

 

484

 

(LOSS) EARNINGS

 

$

(277,376)

 

$

(174,001)

 

$

(7,874)

 

$

21,275

 

$

102,513

 

$

37,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

37,348

 

$

46,949

 

$

55,615

 

$

56,635

 

$

59,503

 

$

16,805

 

Interest portion of rental expense

 

7,114

 

4,354

 

3,733

 

2,360

 

1,976

 

484

 

FIXED CHARGES

 

$

44,462

 

$

51,303

 

$

59,348

 

$

58,995

 

$

61,479

 

$

17,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(DEFICIENCY) SURPLUS

 

$

(321,838)

 

$

(225,304)

 

$

(67,222)

 

$

(37,720)

 

$

41,034

 

$

20,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

-

 

-

 

-

 

-

 

1.67

 

2.17