Form: POS AM

Post-effective amendment to a registration statement that is not immediately effective upon filing

August 26, 2003

Exhibit 12.1

 

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

Ratio of Earnings to Fixed Charges:

 

     Fiscal Year Ended

   

Six Months

Ended

June 29,
2003


 
     1998

    1999

    2000

    2001

    2002

   

Interest expense

   $ 66,494     $ 69,253     $ 60,037     $ 61,360     $ 71,349     $ 52,169  

Capitalized interest

     29,711       47,002       26,451       7,043       10,711       1,373  

Estimated interest portion of financing cost

     10,215       10,765       17,332       25,046       24,576       9,191  
    


 


 


 


 


 


Fixed charges

   $ 106,420     $ 127,020     $ 103,820     $ 93,449     $ 106,636     $ 62,733  
    


 


 


 


 


 


Income (loss) before income taxes

   $ (207,429 )   $ 73,625     $ 1,251,899     $ (93,923 )   $ (1,264,603 )   $ (289,429 )

Fixed charges

     106,420       127,020       103,820       93,449       106,636       62,733  

Less: interest charges capitalized

     (29,711 )     (47,002 )     (26,451 )     (7,043 )     (10,711 )     (1,373 )

Amortization of capitalized interest

     12,933       16,381       22,598       24,877       22,203       13,088  
    


 


 


 


 


 


Earnings (loss)

   $ (117,787 )   $ 170,024     $ 1,351,866     $ 17,360     $ (1,146,475 )   $ (214,981 )
    


 


 


 


 


 


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 $278,000 in 1998, 2001, 2002 and for the six months ended June 29, 2003, respectively.