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, |
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| 1998 |
1999 |
2000 |
2001 |
2002 |
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| 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. |