EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    

Nine Months
Ended
September 30,

2004

     Year Ended December 31,
  
     2003
     2002
     2001
     2000
  
     (in thousands)  

Net income (loss)

    $ 241,763     $ 35,282     $ (149,132 )   $ (567,277 )   $ (1,411,273 )

Equity in losses of equity-method investees

      —         436       4,169       30,327       304,596  
    
 
 
 
 

Net income (loss) before equity in losses of equity-method investees

      241,763       35,718       (144,963 )     (536,950 )     (1,106,677 )
    
 
 
 
 

Plus fixed charges:

                                         

Interest expense including amortization of debt issuance costs

      80,093       129,979       142,925       139,232       130,921  

Assumed interest element included in rent expense

      4,546       5,718       6,205       8,880       10,773  
    
 
 
 
 
       84,639       135,697       149,130       148,112       141,694  
    
 
 
 
 

Adjusted earnings (loss)

      326,402       171,415       4,167       (388,838 )     (964,983 )

Fixed charges

      (84,639 )     (135,697 )     (149,130 )     (148,112 )     (141,694 )
    
 
 
 
 

Excess (deficiency) in earnings to cover fixed charges

    $ 241,763     $ 35,718     $ (144,963 )   $ (536,950 )   $ (1,106,677 )
    
 
 
 
 

Ratio of earnings to fixed charges (1)

      3.86       1.26       0.03       (2.63 )     (6.81 )
(1) The ratio of earnings to fixed charges is computed by dividing (i) income (loss) before income taxes and losses from equity interests, plus fixed charges by (ii) fixed charges.