EX-12.1 30 dex121.htm STATEMENTS RE COMPUTATION OF RATIOS Statements re Computation of Ratios

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS

The following illustrates the computation of the historical ratio of earnings to fixed charges (amounts in thousands except ratios). There were no preference securities outstanding for the following periods. Therefore, the ratio of earnings to combined fixed charges and preference dividends are identical to the ratios of earnings to fixed charges.

 

    Historical     Historical     Pro Forma  
    Year Ended December 31,     Three Months Ended
March  31,		     Year Ended
December 31,		     Three Months Ended
March 31,		  

Fixed Charges:

  2006     2007     2008     2009     2010     2011     2010     2011  

Interest on debt

   $ 95,322      $ 97,884      $ 85,026      $ 136,263      $ 114,082      $ 29,322      $ 104,441      $ 27,758   

Amortization of debt premium, discount and capitalized expenses

     (6,223 )     (6,450 )     (4,320 )      25,307        45,110        9,481        24,599        6,005   

Interest element of rentals*

     14,298        13,102        13,229        12,148        7,740        1,938        7,740        1,938   
                                                               

Total Fixed Charges

   $ 103,397      $ 104,536      $ 93,935      $ 173,718      $ 166,932      $ 40,741      $ 136,780      $ 35,701   
                                                               

Earnings:

                

Net income (loss)

   $ 274,651      $ (640,362 )   $ (976,373 )   $ (622,019 )   $ (324,197 )   $ (102,269 )   $ (299,168 )   $ (98,477 )

Add back:

                

Income (loss) from discontinued operations

     (11,060 )      (8,175 )      150,709        (12,235 )      23,084        —          23,084        —     

Income tax provision (benefit)

     170,974        (19,565 )     (176,009 )     (262,682 )     (102,487 )     (4,551 )     (102,487 )     (4,551 )

Loss (income) on equity method investment

     2,844        (1,633 )     (2,288 )     33,861        12,640        (604 )     12,640        (604 )

Fixed charges

     103,397        104,536        93,935        173,718        166,932        40,741        136,780        35,701   
                                                               

Total Earnings

   $ 540,806      $ (565,199 )   $ (910,026 )   $ (689,357 )   $ (224,028 )   $ (66,683 )   $ (229,151 )   $ (67,931 )
                                                               

Ratio of Earnings to Fixed Charges

     5.2x        (5.4x )     (9.7x )     (4.0x )     (1.3x )     (1.6x )     (1.7x )     (1.9x )
                                                               

Additional earnings required to achieve a l.0x ratio:

     n/a      $ 669,735      $ 1,003,961      $ 863,075      $ 390,960      $ 107,424      $ 365,931      $ 103,632   

 

* We determined the interest component of rent expense to be 10%.