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Content analysis
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Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
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- 10-K Annual report
- 3.7 (I) Articles of Incorporation; (Ii) Bylaws
- 4.21 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.22 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.23 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.24 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.25 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.26 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.27 Instruments Defining the Rights of Security Holders, Including Indentures
- 4.28 Instruments Defining the Rights of Security Holders, Including Indentures
- 12.1 Statements Regarding Computation of Ratios
- 12.2 Statements Regarding Computation of Ratios
- 12.3 Statements Regarding Computation of Ratios
- 21.1 Subsidiaries of the Registrant
- 23.1 Consents of Experts and Counsel
- 31.0 302 Certification
- 32.0 906 Certification
Exhibit 12.1
Computation of Ratio of EBITDA to interest expense
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| For the Years Ended December 31, |
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| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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| (In thousands, except ratios) |
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EBITDA: |
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Net income |
| $ | 287,913 |
| $ | 260,447 |
| $ | 292,157 |
| $ | 215,270 |
| $ | 229,912 |
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Add: Interest expense (1) |
| 313,053 |
| 232,919 |
| 194,999 |
| 185,362 |
| 170,121 |
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Add: Depreciation, depletion and amortization (2) |
| 76,275 |
| 68,483 |
| 56,079 |
| 48,041 |
| 35,642 |
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Total EBITDA |
| $ | 677,241 |
| $ | 561,849 |
| $ | 543,235 |
| $ | 448,673 |
| $ | 435,675 |
|
Interest expense |
| $ | 313,053 |
| $ | 232,919 |
| $ | 194,999 |
| $ | 185,362 |
| $ | 170,121 |
|
EBITDA/Interest expense (3) |
| 2.16 | x | 2.41 | x | 2.79 | x | 2.42 | x | 2.56 | x |
Explanatory Notes:
(1) For the years ended December 31, 2005, 2004, 2003, 2002 and 2001, interest expense includes $0, $190, $337, $348 and $536, respectively, of interest expense reclassed to discontinued operations.
(2) For the years ended December 31, 2005, 2004, 2003, 2002 and 2001, depreciation, depletion and amortization includes $628, $4,705, $6,136, $6,144 and $5,679, resepectively, of depreciation and amortization reclassed to discontinued operations.
(3) The ratio for 2004 gives effect to the CEO, CFO and ACRE Partners compensation charges of $106.9 million, the 8.75% Senior Notes due 2008 redemption charges of $11.5 million and the preferred stock redemption charge of $9.0 million. Excluding these charges, the ratio of EBITDA/Interest expense would have been 2.92x.