EX-12.1 2 w73819exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
                                                 
    Ratio of Earnings to Fixed Charges  
    (dollars in thousands, except ratio data)  
    Three        
    months        
    ended     Year ended December 31,  
    March 31,                                
    2009     2008     2007     2006(1)     2005(1)     2004(1)  
            Restated     Restated                          
Earnings (Loss):
                                                
Earnings (loss) before provision for income taxes
   $ 129,813     $ (268,891 )   $ (284,370 )   $ (251,173 )   $ (239,439 )   $ (242,898 )
Fixed Charges
     20,566       82,930       80,927       49,391       32,463       31,957  
 
                                    
 
                                                
Total Earnings (Loss)
   $ 150,379     $ (185,961 )   $ (203,443 )   $ (201,782 )   $ (206,976 )   $ (210,941 )
 
                                    
 
                                                
Fixed Charges:
                                                
Interest expense on indebtedness (including amortization of debt expense and discount)
   $ 15,730     $ 62,912     $ 60,716     $ 29,492     $ 17,849     $ 22,868  
Interest expense on portion of rent expense representative of interest
     4,836       20,018       20,211       19,899       14,614       9,089  
 
                                    
 
                                                
Total Fixed Charges
   $ 20,566     $ 82,930     $ 80,927     $ 49,391     $ 32,463     $ 31,957  
 
                                    
 
                                                
Ratio of Earnings to Fixed Charges (2)
   7.31       —       —       —       —       —  
 
                                                
Coverage deficiency (3)(4)(5)
     —     $ (268,891 )   $ (284,370 )   $ (251,173 )   $ (239,439 )   $ (242,898 )
 
                                      
 
(1)   The Company adopted FSP APB 14-1 effective January 1, 2009 using the financial statement approach, which resulted in the cumulative effect of a change in accounting principle being recorded as of January 1, 2007, and has restated its 2007 and 2008 financial information, but not 2006, 2005, or 2004.
 
(2)   The Company’s Ratio of Earnings to Fixed Charges for the three months ended March 31, 2009 includes a gain on extinguishment of debt of $38,873 and gain on the sale of an equity investment of $5,259.
 
(3)   The Company’s Coverage deficiency for 2008 includes a gain on the sale of an equity investment of $32,518.
 
(4)   The Company’s Coverage deficiency for 2006 includes charges for lease termination and restructuring costs of $29,510 partially offset by a gain on the sale of an equity investment of $14,759.
 
(5)   The Company’s Coverage deficiency for 2004 includes net charges of $12,975, relating to a $15,408 charge for restructuring partially offset by a gain recognized on the extinguishment of debt of $2,433.