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Computation of Ratio of Earnings to Fixed Charges
| TWELVE MONTHS ENDED DECEMBER 31, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands, except ratio) | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||
Earnings (loss) from continuing operations before taxes | $ | 537,717 | $ | (398,201 | ) | $ | (378,571 | ) | $ | (240,542 | ) | $ | (80,497 | ) | $ | (33,546 | ) | ||
Share of distributed loss (income) of 50%-or-less-owned affiliates, net of equity pickup | 370 | (395 | ) | 43,926 | (308 | ) | 3,705 | 1,302 | |||||||||||
Amortization of capitalized interest | 46,368 | 39,112 | 57,700 | 51,477 | 40,791 | 22,058 | |||||||||||||
Interest | 54,898 | 43,093 | 37,348 | 46,949 | 55,615 | 42,569 | |||||||||||||
Less interest capitalized during the period | (68,799 | ) | (57,530 | ) | (44,893 | ) | (35,931 | ) | (31,221 | ) | (28,092 | ) | |||||||
Interest portion of rental expense | 7,394 | 8,564 | 7,114 | 4,354 | 3,733 | 1,869 | |||||||||||||
EARNINGS (LOSS) | $ | 577,948 | $ | (365,357 | ) | $ | (277,376 | ) | $ | (174,001 | ) | $ | (7,874 | ) | $ | 6,160 | |||
Interest | $ | 54,898 | $ | 43,093 | $ | 37,348 | $ | 46,949 | $ | 55,615 | $ | 42,569 | |||||||
Interest portion of rental expense | 7,394 | 8,564 | 7,114 | 4,354 | 3,733 | 1,869 | |||||||||||||
FIXED CHARGES | $ | 62,292 | $ | 51,657 | $ | 44,462 | $ | 51,303 | $ | 59,348 | $ | 44,438 | |||||||
SURPLUS/(DEFICIENCY) | $ | 515,656 | $ | (417,014 | ) | $ | (321,838 | ) | $ | (225,304 | ) | $ | (67,222 | ) | $ | (38,278 | ) | ||
Ratio of earnings to fixed charges | 9.28 | — | — | — | — | — |
Computation of Ratio of Earnings to Fixed Charges