EXHIBIT 12.1 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 ------------------------------------------------------------- 1995 1996 1997 1998 1999 ------------------------------------------------------------- Interest expense $ 3,059 $ 14,837 $ 45,276 $ 66,494 $ 69,253 Capitalized interest 18,043 17,670 29,440 29,711 47,002 Estimated interest portion of rent expense 7,308 9,420 8,295 10,215 10,765 ------------------------------------------------------------- Fixed charges $ 28,410 $ 41,927 $ 83,011 $ 106,420 $ 127,020 ============================================================= Income (loss) before income taxes $ 251,606 $ (208,756) $ (100,832) $ (207,429) $ 73,625 Fixed charges per above 28,410 41,927 83,011 106,420 127,020 Less: interest charges capitalized (18,043) (17,670) (29,440) (29,711) (47,002) Amortization of capitalized interest 5,619 7,009 9,300 12,933 16,381 ------------------------------------------------------------- Earnings (loss) $ 267,592 $ (177,490) $ (37,961) $ (117,787) $ 170,024 ============================================================= Ratio of earnings to fixed charges 9.4x * * * 1.3x Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends: Earnings (loss) $ 267,592 $ (177,490) $ (37,961) $ (117,787) $ 170,024 ------------------------------------------------------------- Fixed charges 28,410 41,927 83,011 106,420 127,020 Preferred stock dividend requirements 14 ------------------------------------------------------------- Combined fixed charges & preferred stock dividends $ 28,424 $ 41,927 $ 83,011 $ 106,420 $ 127,020 ============================================================= Ratio of earnings to combined fixed charges and preferred stock dividends 9.4x * * * 1.3x
*Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is $219,417, $120,972, and $224,207 in 1996, 1997, and 1998 respectively.