STATEMENT OF COMPUTATION OF RATIOS
Published on May 22, 2003
Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Ratio of Earnings to Fixed Charges:
| Fiscal Year Ended |
Three Months Ended March 30, 2003 |
|||||||||||||||||||||||
| 1998 |
1999 |
2000 |
2001 |
2002 |
||||||||||||||||||||
| Interest expense |
$ |
66,494 |
|
$ |
69,253 |
|
$ |
60,037 |
|
$ |
61,360 |
|
$ |
71,349 |
|
$ |
25,805 |
|
||||||
| Capitalized interest |
|
29,711 |
|
|
47,002 |
|
|
26,451 |
|
|
7,043 |
|
|
10,711 |
|
|
1,087 |
|
||||||
| Estimated interest portion of financing cost |
|
10,215 |
|
|
10,765 |
|
|
17,332 |
|
|
25,046 |
|
|
24,576 |
|
|
5,470 |
|
||||||
| Fixed charges |
$ |
106,420 |
|
$ |
127,020 |
|
$ |
103,820 |
|
$ |
93,449 |
|
$ |
106,636 |
|
$ |
32,362 |
|
||||||
| Income (loss) before income taxes |
$ |
(207,429 |
) |
$ |
73,625 |
|
$ |
1,251,899 |
|
$ |
(93,923 |
) |
$ |
(1,264,603 |
) |
$ |
(144,538 |
) |
||||||
| Fixed charges |
|
106,420 |
|
|
127,020 |
|
|
103,820 |
|
|
93,449 |
|
|
106,636 |
|
|
32,362 |
|
||||||
| Less: interest charges capitalized |
|
(29,711 |
) |
|
(47,002 |
) |
|
(26,451 |
) |
|
(7,043 |
) |
|
(10,711 |
) |
|
(1,087 |
) |
||||||
| Amortization of capitalized interest |
|
12,933 |
|
|
16,381 |
|
|
22,598 |
|
|
24,877 |
|
|
22,203 |
|
|
4,723 |
|
||||||
| Earnings (loss) |
$ |
(117,787 |
) |
$ |
170,024 |
|
$ |
1,351,866 |
|
$ |
17,360 |
|
$ |
(1,146,475 |
) |
$ |
(108,540 |
) |
||||||
| Ratio of earnings to fixed charges |
|
* |
|
|
1.3x |
|
|
13.0x |
|
|
* |
|
|
* |
|
|
* |
|
||||||
| * | Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is $224,000, $76,000, $1,253,000 and $141,000 in 1998, 2001, 2002 and for the three months ended March 30, 2003, respectively. |