EX-12.1 3 d333080dex121.htm EXHIBIT 12.1 Exhibit 12.1

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 Three
Months Ended
March 31, 2012		      For the Year Ended December 31,  
      2011      2010     2009     2008     2007  

Fixed charges:

               

Interest expense

    $ 122,040       $ 488,641       $ 486,567      $ 852,766      $ 1,557,654      $ 2,102,446   

Amortization of debt issue expense

      494         1,568         993        1,878        6,440        9,492   

Estimated interest portion within rental expense

      1,746         6,558         7,574        8,316        8,968        8,912   

Preference securities dividend requirements of consolidated subsidiaries

      —           —           —          —          —          —     
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 124,280       $ 496,767       $ 495,134      $ 862,960      $ 1,573,062      $ 2,120,850   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Earnings:

               

Income (loss) before income taxes, discontinued operations and cumulative effect of accounting change less equity in income (loss) of investments

    $ 66,099       $ 187,089       $ (2,402 )    $ (1,826,815 )    $ (1,297,381 )    $ (2,182,951 ) 

Fixed charges

      124,280         496,797         495,134        862,960        1,573,062        2,120,850   

Less:

               

Preference securities dividend
requirements of
consolidated subsidiaries

      —           —           —          —          —          —     
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss)

    $ 190,379       $ 683,856       $ 492,732      $ (963,855 )    $ 275,681      $ (62,101 ) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividends

      —           —           —          —          —          —     
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings (loss) to fixed charges and preferred stock dividends

      1.53         1.38         1.00        (1.12 )      0.18        (0.03 ) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Excess (deficiency) of earnings (loss) to fixed charges and preferred stock dividends

    $ 66,099       $ 187,089       $ (2,402 )    $ (1,826,815 )    $ (1,297,381 )    $ (2,182,951 ) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

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.