EX-12.1 3 c72337_ex12-1.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Nine Months Ended
September 30
2012

 

2011

 

2010

 

2009

 

2008

 

2007

 
                           

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before income taxes (a)

 

$

(140,899

)

$

138,415

 

$

40,350

 

$

(417,328

)

$

(340,418

)

$

(309,261

)

Add: Fixed Charges, net

 

 

87,438

 

 

138,737

 

 

158,841

 

 

227,702

 

 

731,287

 

 

1,390,273

 

Add: Distributed income of equity investees

 

 

-      

 

 

-      

 

 

-      

 

 

-      

 

 

1,009

 

 

670

 

 

 

                                    

Income/(loss) before income taxes and fixed charges, net

 

$

(53,461

)

$

277,152

 

$

199,191

 

$

(189,626

)

$

391,878

 

$

1,081,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense

 

$

84,685

 

$

131,605

 

$

149,448

 

$

216,471

 

$

711,643

 

$

1,365,317

 

Interest factor in rents

 

 

2,753

 

 

7,132

 

 

9,393

 

 

11,231

 

 

19,644

 

 

24,956

 

 

 

                                    

Total fixed charges

 

$

87,438

 

$

138,737

 

$

158,841

 

$

227,702

 

$

731,287

 

$

1,390,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                    

Ratio of earnings to fixed charges

 

 

*

 

 

2.0

 

 

1.3

 

 

*

 

 

*

 

 

*

 
                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before income taxes (a)

 

$

(140,899

)

$

138,415

 

$

40,350

 

$

(417,328

)

$

(340,418

)

$

(309,261

)

Add: Fixed Charges, net

 

 

87,438

 

 

138,737

 

 

158,841

 

 

227,702

 

 

731,287

 

 

1,390,273

 

Add: Distributed income of equity investees

 

 

-      

 

 

-      

 

 

-      

 

 

-      

 

 

1,009

 

 

670

 

 

 

                                    

Income/(loss) before income taxes and fixed charges, net

 

$

(53,461

)

$

277,152

 

$

199,191

 

$

(189,626

)

$

391,878

 

$

1,081,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense

 

$

84,685

 

$

131,605

 

$

149,448

 

$

216,471

 

$

711,643

 

$

1,365,317

 

Interest factor in rents

 

 

2,753

 

 

7,132

 

 

9,393

 

 

11,231

 

 

19,644

 

 

24,956

 

Preferred stock dividends (b)

 

 

14,271

 

 

19,056

 

 

198,954

 

 

118,312

 

 

35,715

 

 

31,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                    

Total fixed charges and preferred stock dividends

 

$

101,709

 

$

157,793

 

$

357,795

 

$

346,014

 

$

767,002

 

$

1,421,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                    

Ratio of earnings to fixed charges and preferred stock dividends

 

 

*

 

 

1.8

 

 

*

 

 

*

 

 

*

 

 

*

 
                                       

 

 

Certain reclassifications of prior years’ data have been made to conform to current year reporting, including discontinued operations.

* Earnings for the reporting period were inadequate to cover total fixed charges and/or total fixed charges and preferred dividends. The coverage deficiencies for total fixed charges for the nine months ended September 30, 2012 and for the years ended December 31, 2009, 2008 and 2007 were $140.9 million, $417.3 million, $339.4 million and $308.6 million, respectively. The coverage deficiencies for the total fixed charges and preferred stock dividends for the nine months ended September 30, 2012 and for the years ended December 31, 2010, 2009, 2008 and 2007 were $155.2 million, $158.6 million, $535.6 million, $375.1 million and $340.0 million, respectively.

 

(a)

Pre-tax earnings from continuing operations excluding income attributable to noncontrolling interests and income/loss from equity investees.

(b)

The preferred dividend amounts represent pre-tax earnings required to cover total dividends on preferred stock. 2010, 2009 and 2008 amounts include pre-tax earnings required to cover dividends on the Fixed Rate Cumulative Perpetual Preferred Stock, Series CPP.