EXHIBIT 12.1
RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth the Company’s ratios of consolidated earnings to fixed charges and earnings to fixed charges and preferred stock dividends for the periods presented:
Three Months March 31, | Year Ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Ratio of earnings to fixed charges (a) | (b | ) | 4.66 | (0.45 | ) | 2.38 | 2.39 | 5.67 | ||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (c) | (b | ) | 4.66 | (0.45 | ) | 2.38 | 2.39 | 5.67 |
(a) | The ratio has been computed by dividing earnings by fixed charges. For purposes of computing the ratio: |
• | earnings consist of income from continuing operations before income taxes, cumulative effect of change in accounting principle, adjustments for net income (loss) attributable to the noncontrolling interest and adjustment for capitalized interest, plus fixed charges; and |
• | fixed charges consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense. |
(b) | The ratio indicates a less than one-to-one coverage because the earnings are inadequate to cover the fixed charges during the three months ended March 31, 2011 by $116.5 million. |
(c) | The ratio has been computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratio: |
• | earnings consist of income from continuing operations before income taxes, cumulative effect of change in accounting principle, adjustments for net income (loss) attributable to the noncontrolling interest and adjustment for capitalized interest, plus fixed charges and preferred stock dividends, net of preferred stock dividends of a consolidated subsidiary; and |
• | fixed charges and preferred stock dividends consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense, preferred stock dividends of a consolidated subsidiary and preferred stock dividends. |