Exhibit 12.1
Ratio of Earnings to Fixed Charges
Six Months 2005 | Year Ended December 31, | |||||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 216 | $ | 356 | $ | 39 | $ | (151 | ) | $ | (567 | ) | $ | (1,406 | ) | |||||||||
Equity in losses of equity-method investees | — | — | 0 | 4 | 30 | 305 | ||||||||||||||||||
Net income (loss) before equity in losses of equity-method investees | 216 | 356 | 39 | (146 | ) | (536 | ) | (1,102 | ) | |||||||||||||||
Plus fixed charges: | ||||||||||||||||||||||||
Interest expense including amortization of debt issuance costs | 48 | 107 | 130 | 143 | 139 | 131 | ||||||||||||||||||
Assumed interest element included in rent expense | 1 | 4 | 6 | 6 | 9 | 11 | ||||||||||||||||||
49 | 111 | 136 | 149 | 148 | 142 | |||||||||||||||||||
Adjusted earnings (loss) | 265 | 467 | 175 | 3 | (388 | ) | (960 | ) | ||||||||||||||||
Fixed charges | (49 | ) | (111 | ) | (136 | ) | (149 | ) | (148 | ) | (142 | ) | ||||||||||||
Excess (deficiency) of earnings to cover fixed charges | $ | 216 | $ | 356 | $ | 39 | $ | (146 | ) | $ | (536 | ) | $ | (1,102 | ) | |||||||||
Ratio of earnings to fixed charges (1) | 5.41 | 4.20 | 1.29 | 0.02 | (2.62 | ) | (6.77 | ) |
(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. |