EX-12.1 6 h76070exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
($ in thousands)
                                                 
    Six months        
    Ended        
    June 30,     Year Ended December 31,  
    2010     2009     2008     2007     2006     2005  
Income (Loss) from continuing operations before income taxes (a)
  $ (50,266 )   $ 294,332     $ 1,667,176     $ 1,427,289     $ 1,237,729     $ 618,231  
Fixed charges:
                                               
Interest expense (b)
    195,838       383,785       264,418       183,128       109,216       80,189  
Capitalized Interest
    11,938       32,409       30,071       2,624       2,483       2,072  
Interest factor portion of rentals (c)
    31,956       63,043       47,198       43,212       30,275       23,290  
 
                                   
Total fixed charges
    239,732       479,237       341,687       228,964       141,974       105,551  
Less: Capitalized Interest
    (11,938 )     (32,409 )     (30,071 )     (2,624 )     (2,483 )     (2,072 )
Earnings before income taxes and fixed charges
  $ 177,528     $ 741,160     $ 1,978,792     $ 1,653,629     $ 1,377,220     $ 721,710  
 
                                   
Ratio of earnings to fixed charges
    0.74  (d)     1.55       5.79       7.22       9.70       6.84  
 
                                   
 
(a)   Income from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned persons.
 
(b)   Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs.
 
(c)   Interest factor portion of rentals is estimated to be one-third of rental expense.
 
(d)   For the six months ended June 30, 2010, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $62.2 million.

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