Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
(dollars in thousands)
Ratio of Earnings to Fixed Charges:
Fiscal Year Ended
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1997 1998 1999 2000 2001
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Interest expense $ 45,276 $ 66,494 $ 69,253 $ 60,037 $ 61,360
Capitalized interest 29,440 29,711 47,002 26,451 7,043
Estimated interest portion of financing cost 8,295 10,215 10,765 17,332 25,046
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Fixed charges $ 83,011 $ 106,420 $127,020 $ 103,820 $ 93,449
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Income (loss) before income taxes $(100,832) $(207,429) $ 73,625 $1,251,899 $(93,923)
Fixed charges 83,011 106,420 127,020 103,820 93,449
Less: interest charges capitalized (29,440) (29,711) (47,002) (26,451) (7,043)
Amortization of capitalized interest 9,300 12,933 16,381 22,598 24,877
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Earnings (loss) $ (37,961) $(117,787) $170,024 $1,351,866 $ 17,360
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Ratio of earnings to fixed charges * * 1.3x 13.0x 0.2x
* Earnings are inadequate to cover fixed charges in these periods. The
earnings deficiency is $120,972 and $224,207 in 1997 and 1998,
respectively.