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

 

Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,

 
     2005

    2004

    2003

    2002

    2001

 
     (in millions)  

Income (loss) before income taxes

   $ 428     $ 355     $ 39     $ (151 )   $ (567 )

Equity in losses of equity-method investees

     —         —         —         4       31  
    


 


 


 


 


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

     428       355       39       (146 )     (536 )
    


 


 


 


 


Plus fixed charges:

                                        

Interest expense including amortization of debt issuance costs

     92       107       130       143       139  

Assumed interest element included in rent expense

     5       4       6       6       9  
    


 


 


 


 


       97       111       136       149       148  
    


 


 


 


 


Adjusted earnings (loss)

     525       466       175       3       (388 )

Fixed charges

     (97 )     (111 )     (136 )     (149 )     (148 )
    


 


 


 


 


Excess (deficiency) of earnings to cover fixed charges

   $ 428     $ 355     $ 39     $ (146 )   $ (536 )
    


 


 


 


 


Ratio of earnings to fixed charges (1)

     5.41       4.20       1.29       0.02       (2.62 )

(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.