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Computation of Ratio of Earnings to fixed charges and
Earnings to fixed charges and preferred dividends
($ in thousands, except ratios)
| | For the Years Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended March 31, 2012 | ||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items(1) | $ | (88,454 | ) | $ | (153,762 | ) | $ | (250,537 | ) | $ | (793,786 | ) | $ | (322,646 | ) | $ | 106,840 | ||
Add: Fixed charges as calculated below | 86,956 | 348,664 | 349,041 | 485,624 | 671,304 | 635,277 | |||||||||||||
Add: Distributions of earnings from equity method investments | 11,358 | 85,766 | 32,650 | 36,766 | 48,196 | 49,486 | |||||||||||||
Less: Capitalized interest | (280 | ) | (788 | ) | (466 | ) | (263 | ) | (2,501 | ) | (3,994 | ) | |||||||
Total earnings | $ | 9,580 | $ | 279,880 | $ | 130,688 | $ | (271,659 | ) | $ | 394,353 | $ | 787,609 | ||||||
Fixed charges: | |||||||||||||||||||
Interest expense(2) | $ | 86,143 | $ | 345,914 | $ | 346,500 | $ | 481,116 | $ | 666,706 | $ | 629,272 | |||||||
Add: Capitalized interest | 280 | 788 | 466 | 263 | 2,501 | 3,994 | |||||||||||||
Implied interest component on the company's rent obligations | 533 | 1,962 | 2,075 | 4,245 | 2,097 | 2,011 | |||||||||||||
Fixed charges | 86,956 | $ | 348,664 | $ | 349,041 | $ | 485,624 | $ | 671,304 | $ | 635,277 | ||||||||
Preferred dividends | 10,580 | 42,320 | 42,320 | 42,320 | 42,320 | 42,320 | |||||||||||||
Fixed charges and preferred dividends | $ | 97,536 | $ | 390,984 | $ | 391,361 | $ | 527,944 | $ | 713,624 | $ | 677,597 | |||||||
Earnings to fixed charges(3) | — | — | — | — | — | 1.2x | |||||||||||||
Earnings to fixed charges and preferred dividends(3) | — | — | — | — | — | 1.2x | |||||||||||||
Explanatory Notes: |
- (1)
- Prior period presentation has been restated to conform to current period presentation.
- (2)
- For the years ended December 31, 2011, 2010, 2009, 2008 and 2007, interest expense includes $1,126, $31,632, $68,025, $49,177 and $19,760, respectively, of interest expense reclassified to discontinued operations.
- (3)
- For the three months ended March 31, 2012, earnings were not sufficient to cover fixed charges by $77,376 and earnings were not sufficient to cover fixed charges and preferred dividends by $87,956. For the years ended December 31, 2011, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by $68,784, $218,353, $757,283 and $276,951, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $111,104, $260,673, $799,603 and $319,271, respectively.
Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and preferred dividends ($ in thousands, except ratios)