Exhibit 12.1
NEWMONT MINING CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in thousands except ratio)
(Unaudited)
Six Months Ended June 30, 2002 | ||||
As Restated | ||||
Earnings: | ||||
Income before income taxes, net of minority interest in income of subsidiaries | $ | 66,776 |
| |
Adjustments: | ||||
Net interest expense (1) |
| 66,238 |
| |
Amortization of capitalized interest |
| 4,815 |
| |
Portion of rental expense representative of interest |
| 1,765 |
| |
Undistributed income of affiliate |
| 18,724 |
| |
Preferred dividends paid in cash (2) |
| (1,869 | ) | |
Minority interest in income of subsidiaries |
| 29,834 |
| |
$ | 186,283 |
| ||
Fixed Charges: | ||||
Net interest expense (1) | $ | 66,238 |
| |
Capitalized interest |
| 2,294 |
| |
Preferred dividends paid in cash (2) |
| 1,869 |
| |
Portion of rental expense representative of interest |
| 1,765 |
| |
$ | 72,166 |
| ||
Ratio of earnings to fixed charges |
| 2.6 |
| |
(1) | Includes interest expense of majority-owned subsidiaries and amortization of debt issuance costs. |
(2) | During the second quarter of 2002, the Company redeemed all outstanding shares of preferred stock. |