Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Ratio of Earnings to Fixed Charges:
| Fiscal Year Ended |
||||||||||||||||||||
| 1998 |
1999 |
2000 |
2001 |
2002 |
||||||||||||||||
| Interest expense |
$ |
66,494 |
|
$ |
69,253 |
|
$ |
60,037 |
|
$ |
61,360 |
|
$ |
71,349 |
| |||||
| Capitalized interest |
|
29,711 |
|
|
47,002 |
|
|
26,451 |
|
|
7,043 |
|
|
10,711 |
| |||||
| Estimated interest portion of financing cost |
|
10,215 |
|
|
10,765 |
|
|
17,332 |
|
|
25,046 |
|
|
24,576 |
| |||||
| Fixed charges |
$ |
106,420 |
|
$ |
127,020 |
|
$ |
103,820 |
|
$ |
93,449 |
|
$ |
106,636 |
| |||||
| Income (loss) before income taxes |
$ |
(207,429 |
) |
$ |
73,625 |
|
$ |
1,251,899 |
|
$ |
(93,923 |
) |
$ |
(1,264,603 |
) | |||||
| Fixed charges |
|
106,420 |
|
|
127,020 |
|
|
103,820 |
|
|
93,449 |
|
|
106,636 |
| |||||
| Less: interest charges capitalized |
|
(29,711 |
) |
|
(47,002 |
) |
|
(26,451 |
) |
|
(7,043 |
) |
|
(10,711 |
) | |||||
| Amortization of capitalized interest |
|
12,933 |
|
|
16,381 |
|
|
22,598 |
|
|
24,877 |
|
|
22,203 |
| |||||
| Earnings (loss) |
$ |
(117,787 |
) |
$ |
170,024 |
|
$ |
1,351,866 |
|
$ |
17,360 |
|
$ |
(1,146,475 |
) | |||||
| 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 $224,000, $76,000 and $1,146,000 in 1998, 2001 and 2002, respectively. |