Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Ratio of Earnings to Fixed Charges:
Fiscal Year Ended | Nine Months Ended September 26, 2004 | |||||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||||||||||
Interest expense | $ | 69,253 | $ | 60,037 | $ | 61,360 | $ | 71,349 | $ | 109,960 | $ | 83,258 | ||||||||||||
Capitalized interest | 47,002 | 26,451 | 7,043 | 10,711 | 1,473 | 4,556 | ||||||||||||||||||
Estimated interest portion of financing cost | 10,765 | 17,332 | 25,046 | 88,750 | 17,568 | 10,828 | ||||||||||||||||||
Fixed charges | $ | 127,020 | $ | 103,820 | $ | 93,449 | $ | 170,810 | $ | 129,001 | $ | 98,642 | ||||||||||||
Income (loss) before income taxes | $ | 73,625 | $ | 1,251,899 | $ | (93,923 | ) | $ | (1,264,603 | ) | $ | (322,228 | ) | $ | 131,938 | |||||||||
Fixed charges | 127,020 | 103,820 | 93,449 | 170,810 | 129,001 | 98,642 | ||||||||||||||||||
Less: interest charges capitalized | (47,002 | ) | (26,451 | ) | (7,043 | ) | (10,711 | ) | (1,473 | ) | (4,556 | ) | ||||||||||||
Amortization of capitalized interest | 16,381 | 22,598 | 24,877 | 22,203 | 22,981 | 12,728 | ||||||||||||||||||
Earnings (loss) | $ | 170,024 | $ | 1,351,866 | $ | 17,360 | $ | (1,082,301 | ) | $ | (171,719 | ) | $ | 238,752 | ||||||||||
Ratio of earnings to fixed charges | 1.3x | 13.0x | * | * | * | 2.4x |
* | Earnings are inadequate to cover fixed charges in these periods. The earnings deficiency is approximately $76,000, $1,253,000 and $301,000 in 2001, 2002 and 2003, respectively. |