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 | ||||
Earnings: | ||||
Income before income taxes | $ | 73,185 | ||
Adjustments: | ||||
Net interest expense (1) | 60,357 | |||
Amortization of capitalized interest | 4,815 | |||
Portion of rental expense representative of interest | 1,765 | |||
Undistributed income of affiliate | 17,391 | |||
Preferred dividends (2) | (2,875 | ) | ||
Minority interest of majority owned subsidiaries | 26,965 | |||
$ | 181,603 | |||
Fixed Charges: | ||||
Net interest expense (1) | $ | 60,357 | ||
Capitalized interest | 2,294 | |||
Preferred dividends (2) | 2,875 | |||
Portion of rental expense representative of interest | 1,765 | |||
$ | 67,291 | |||
Ratio of earnings to fixed charges | 2.7 | |||
(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. |