EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges
and Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
Ratio of Earnings to Fixed Charges:
FISCAL YEAR ENDED
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1995 1996 1997 1998 1999
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Interest expense $ 3,059 $ 14,837 $ 45,276 $ 66,494 $ 69,253
Capitalized interest 18,043 17,670 29,440 29,711 47,002
Estimated interest
portion of rent expense 7,308 9,420 8,295 10,215 10,765
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Fixed charges $ 28,410 $ 41,927 $ 83,011 $ 106,420 $ 127,020
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Income (loss) before
income taxes $ 251,606 $ (208,756) $ (100,832) $ (207,429) $ 73,625
Fixed charges per above 28,410 41,927 83,011 106,420 127,020
Less: interest charges capitalized (18,043) (17,670) (29,440) (29,711) (47,002)
Amortization of capitalized interest 5,619 7,009 9,300 12,933 16,381
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Earnings (loss) $ 267,592 $ (177,490) $ (37,961) $ (117,787) $ 170,024
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Ratio of earnings to fixed charges 9.4x * * * 1.3x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends:
Earnings (loss) $ 267,592 $ (177,490) $ (37,961) $ (117,787) $ 170,024
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Fixed charges 28,410 41,927 83,011 106,420 127,020
Preferred stock dividend requirements 14
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Combined fixed charges & preferred
stock dividends $ 28,424 $ 41,927 $ 83,011 $ 106,420 $ 127,020
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Ratio of earnings to combined fixed
charges and preferred stock dividends 9.4x * * * 1.3x
*Earnings are inadequate to cover fixed charges in these periods.
The earnings deficiency is $219,417, $120,972, and $224,207 in 1996, 1997, and
1998 respectively.