EX-12.1 5 w81707exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
                                         
    Years Ended December 31,  
    2010     2009     2008     2007     2006  
                    ($ in thousands)          
Fixed charges (1):
                                        
Total interest expense
   $ 232,096     $ 427,312     $ 677,707     $ 838,072     $ 615,120  
Interest capitalized
     —       —       —       357       414  
Interest portion of rental expense
     3,060       3,250       1,994       1,697       1,327  
 
                              
Total fixed charges
   $ 235,156     $ 430,562     $ 679,701     $ 840,126     $ 616,861  
 
                              
 
                                        
Earnings:
                                        
Net (loss) income before noncontrolling interests and income taxes
   $ (161,324 )   $ (774,530 )   $ (458,714 )   $ 214,486     $ 323,580  
Fixed charges
     235,156       430,562       679,701       840,126       616,861  
Less: Interest capitalized
     —       —       —       (357 )     (414 )
 
                              
Total earnings before fixed charges
   $ 73,832     $ (343,968 )   $ 220,987     $ 1,054,255     $ 940,027  
 
                              
Ratio of earnings to fixed charges (2)
     0.3x       -0.8x       0.3x       1.3x       1.5x  
 
                              
 
(1)   Excludes interest related to the application of accounting for uncertain tax positions in accordance with the Income Taxes Topic of the Accounting Standards Codification.
 
(2)   The earnings for the years ended December 31, 2010, 2009 and 2008 were inadequate to cover fixed charges. The coverage deficiencies for total fixed charges for the years ended December 31, 2010, 2009 and 2008 were $161.3 million, $774.5 million and $458.7 million, respectively.