Attached files
Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
Nine Months Ended September 30, |
Years Ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Earnings: |
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Pre-tax (loss) income |
$ | (1,712,135 | ) | $ | 256,863 | $ | (533,005 | ) | $ | 86,035 | $ | 189,098 | $ | (25,697 | ) | $ | 9,246 | |||||||
Fixed charges |
175,517 | 108,219 | 156,713 | 133,474 | 89,086 | 25,795 | 3,269 | |||||||||||||||||
Total earnings |
$ | (1,536,618 | ) | $ | 365,082 | $ | (376,292 | ) | $ | 219,509 | $ | 278,184 | $ | 98 | $ | 12,515 | ||||||||
Fixed charges: |
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Interest expense and amortization of finance costs |
$ | 174,270 | $ | 107,233 | $ | 155,361 | $ | 132,264 | $ | 88,414 | $ | 25,551 | $ | 3,178 | ||||||||||
Rental expense representative of interest factor |
1,247 | 986 | 1,352 | 1,210 | 672 | 244 | 91 | |||||||||||||||||
Total fixed charges |
$ | 175,517 | $ | 108,219 | $ | 156,713 | $ | 133,474 | $ | 89,086 | $ | 25,795 | $ | 3,269 | ||||||||||
Ratio of earnings to fixed charges |
| (1) | 3.4 | | (2) | 1.6 | 3.1 | | (3) | 3.8 | ||||||||||||||
Total fixed charges |
$ | 175,517 | $ | 108,219 | $ | 156,713 | $ | 133,474 | $ | 89,086 | $ | 25,795 | $ | 3,269 | ||||||||||
Pre-tax preferred dividend requirements |
| | | | 352 | 680 | 507 | |||||||||||||||||
Total fixed charges plus preference dividends |
$ | 175,517 | $ | 108,219 | $ | 156,713 | $ | 133,474 | $ | 89,438 | $ | 26,475 | $ | 3,776 | ||||||||||
Ratio of earnings to combined fixed charges and preference dividends |
| (1) | 3.4 | | (2) | 1.6 | 3.1 | | (4) | 3.3 | ||||||||||||||
(1) | Due to the Companys loss for the nine months ended September 30, 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.7 billion to achieve a coverage ratio of 1:1 |
(2) | Due to the Companys loss in 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $533.0 million to achieve a coverage ratio of 1:1. |
(3) | Due to the Companys loss in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $25.7 million to achieve a coverage ratio of 1:1. |
(4) | Due to the Companys loss in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $26.4 million to achieve a coverage ratio of 1:1. |