EX-12.1 9 dp013155_ex1201.htm COMPUTATION OF RATIO OF EARNINGS TO CHARGES
 

Exhibit 12.1
 
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands, except ratio of earnings to fixed charges and preferred stock dividends)
 
   
For the Year Ended December 31,
  
   
2008
    
2007
    
2006
    
2005
    
2004
  
Fixed charges:
                              
Interest expense
   $ 1,557,654     $ 2,102,446     $ 1,508,854     $ 846,681     $ 550,043  
Amortization of debt issue expense
     6,440       9,492       8,438       2,840       2,083  
Estimated interest portion within rental expense
     8,968       8,912       8,241       5,549       5,092  
Preference securities dividend requirements of consolidated subsidiaries
  
–
    
–
    
–
    
–
    
–
  
Total fixed charges                                                                              
   $ 1,573,062     $ 2,120,850     $ 1,525,533     $ 855,070     $ 557,218  
Earnings:
                                        
Income (loss) before income taxes, discontinued operations and cumulative effect of accounting change less equity in income (loss) of investments
   $ (1,297,381 )   $ (2,182,951 )   $ 929,869     $ 642,364     $ 528,899  
Fixed charges
     1,573,062       2,120,850       1,525,533       855,070       557,218  
Less:
                                        
Preference securities dividend requirement of consolidated subsidiaries
  
–
    
–
    
–
    
–
    
–
  
Earnings
   $ 275,681     $ (62,101 )   $ 2,455,402     $ 1,497,434     $ 1,086,117  
Preferred stock dividends
  
–
    
–
    
–
    
–
    
–
  
Ratio of earnings to fixed charges and preferred stock dividends
     0.18       (0.03 )     1.61       1.75       1.95  
Excess (deficiency) of earnings to fixed charges and preferred stock dividends
   $ (1,297,381 )   $ (2,182,951 )   $ 929,869     $ 642,364     $ 528,899  

The ratio of earnings to fixed charges and preferred stock dividends is computed by dividing fixed charges and preferred stock dividends into income (loss) before income taxes, discontinued operations and the cumulative effect of accounting changes less equity in the income (loss) of investments plus fixed charges less the preference securities dividend requirement of consolidated subsidiaries.  Fixed charges include, as applicable, interest expense, amortization of debt issuance costs, the estimated interest component of rent expense (calculated as one-third of net rent expense) and the preference securities dividend requirement of consolidated subsidiaries.