Exhibit 12
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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1993 1994 1995 1996 1997
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Interest expense $ 4,398 $ 4,410 $ 3,059 $ 14,837 $ 45,276
Capitalized interest 7,084 8,294 18,043 17,670 29,440
Estimated interest
portion of rent expense 8,190 6,658 7,308 9,420 8,295
Amortization of financing cost 3
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Fixed charges $ 19,675 $ 19,362 $ 28,410 $ 41,927 $ 83,011
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Income (loss) before
income taxes $ 294,925 $ 423,759 $ 251,606 $(208,756) $(100,832)
Fixed charges 19,675 19,362 28,410 41,927 83,011
Less: interest charges capitalized (7,084) (8,294) (18,043) (17,670) (29,440)
Amortization of capitalized interest 3,758 4,843 5,619 7,009 9,300
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Earnings (loss) $ 311,274 $ 439,670 $ 267,592 $(177,490) $ (37,961)
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Ratio of earnings to fixed charges 15.8x 22.7x 9.4x * *
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Earnings (loss) $ 311,274 $ 439,670 $ 267,592 $(177,490) $ (37,961)
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Fixed charges 19,675 19,362 28,410 41,927 83,011
Preferred stock dividend requirements 14,577 15,682 14
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Combined fixed charges & preferred
stock dividends $ 34,252 $ 35,044 $ 28,424 $ 41,927 $ 83,011
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Ratio of earnings to combined fixed
charges and preferred stock dividends 9.1x 12.5x 9.4x * *
* Earnings are inadequate to cover fixed charges in these periods.
The earnings deficiency is $219,417 and $120,972 in 1996 and 1997
respectively.