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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| 1999 |
2000 |
2001 |
2002 |
2003 |
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| Interest expense |
$ | 69,253 | $ | 60,037 | $ | 61,360 | $ | 71,349 | $ | 109,960 | ||||||||||
| Capitalized interest |
47,002 | 26,451 | 7,043 | 10,711 | 1,473 | |||||||||||||||
| Estimated interest portion of financing cost |
10,765 | 17,332 | 25,046 | 88,750 | 15,751 | |||||||||||||||
| Fixed charges |
$ | 127,020 | $ | 103,820 | $ | 93,449 | $ | 170,810 | $ | 127,184 | ||||||||||
| Income (loss) before income taxes |
$ | 73,625 | $ | 1,251,899 | $ | (93,923 | ) | $ | (1,264,603 | ) | $ | (322,228 | ) | |||||||
| Fixed charges |
127,020 | 103,820 | 93,449 | 170,810 | 127,184 | |||||||||||||||
| Less: interest charges capitalized |
(47,002 | ) | (26,451 | ) | (7,043 | ) | (10,711 | ) | (1,473 | ) | ||||||||||
| Amortization of capitalized interest |
16,381 | 22,598 | 24,877 | 22,203 | 22,981 | |||||||||||||||
| Earnings (loss) |
$ | 170,024 | $ | 1,351,866 | $ | 17,360 | $ | (1,082,301 | ) | $ | (173,536 | ) | ||||||||
| Ratio of earnings to fixed charges |
1.3x | 13.0x | * | * | * | |||||||||||||||
| * | Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is approximately $76,000, $1,253,000 and $301,000 in 2001, 2002 and 2003, respectively. |