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)
Nine Months Ended September 30, 2002 | ||||
As Restated | ||||
Earnings: | ||||
Income before income taxes, net of minority in income of subsidiaries | $ | 79,849 |
| |
Adjustments: | ||||
Net interest expense (1) |
| 99,320 |
| |
Amortization of capitalized interest |
| 6,777 |
| |
Portion of rental expense representative of interest |
| 2,050 |
| |
Undistributed income of affiliate |
| 37,167 |
| |
Preferred dividends paid in cash (2) |
| (2,875 | ) | |
Minority interest in income of subsidiaries |
| 62,329 |
| |
$ | 284,617 |
| ||
Fixed Charges: | ||||
Net interest expense (1) | $ | 99,320 |
| |
Capitalized interest |
| 3,912 |
| |
Preferred dividends paid in cash (2) |
| 2,875 |
| |
Portion of rental expense representative of interest |
| 2,050 |
| |
$ | 108,157 |
| ||
Ratio of earnings to fixed charges and preferred dividends |
| 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. |