EXHIBIT 12.1

 

Computation of Ratios of Earnings to Fixed Charges

(dollars in thousands)

 

Ratios of Earnings to Fixed Charges:

 

		Fiscal Year Ended																				Six Months Ended
		1997				1998				1999				2000				2001				3/31/2001			3/31/2002
Interest expense		$	46,276			$	66,494			$	69,281			$	60,917			$	61,360			$	41,844		$	27,887
Capitalized interest			29,440				29,711				47,002				26,451				7,043				0			8,756
Estimated interest portion of financing cost			8,295				10,215				10,765				17,332				25,046				12,718			12,333
Amortization of financing cost			0				0				0				0				0				0			298
Fixed charges		$	83,011			$	106,420			$	127,020			$	103,820			$	93,449			$	54,562		$	49,274
Income (loss) before income taxes		$	(100,832	)		$	207,429	)		$	73,625			$	1,251,899			$	(93,923	)		$	177,966		$	(319,895	)
Fixed charges			83,011				106,420				127,020				103,820				93,449				54,562			49,274
Less: interest charges capitalized			(29,440	)			(29,711	)			(47,002	)			(26,451	)			(7,043	)			0			(8,756	)
Amortization of capitalized interest			9,300				12,933				16,381				22,598				24,877				12,589			11,805
Earnings (loss)		$	(37,961	)		$	(117,787	)		$	170,024			$	1,351,966			$	17,360			$	245,117		$	(267,572	)
Ratio of earnings to fixed charges			*				*				1.3x				13.0x				0.2x				4.5x			*

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*

Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is $120,972, $224,207 and $317 million in 1997, 1998 and the six months ended June 30, 2002 respectively.