| Year Ended December 31, | ||||||||||||||||||||
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||
| (In thousands) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 548,810 | $ | 667,085 | $ | 977,926 | $ | 2,158,428 | $ | (668,988 | ) | |||||||||
| Minority interests in consolidated subsidiaries | 4,289 | 4,480 | 4,749 | 6,244 | 8,110 | |||||||||||||||
| Earnings from unconsolidated affiliates | (107,360 | ) | (134,132 | ) | (229,295 | ) | (162,217 | ) | (40,752 | ) | ||||||||||
| Distributed income of unconsolidated affiliates | 51,500 | 89,857 | 212,477 | 211,062 | 70,546 | |||||||||||||||
| Fixed charges (see below) | 390,588 | 670,285 | 882,501 | 924,294 | 795,049 | |||||||||||||||
| Capitalized interest | (23,005 | ) | (29,527 | ) | (122,140 | ) | (215,951 | ) | (185,763 | ) | ||||||||||
| 864,822 | 1,268,048 | 1,726,218 | 2,921,860 | (21,798 | ) | |||||||||||||||
| Fixed Charges | ||||||||||||||||||||
| Interest expense, net (1) | 367,583 | 640,758 | 760,361 | 708,343 | 609,286 | |||||||||||||||
| Capitalized interest | 23,005 | 29,527 | 122,140 | 215,951 | 185,763 | |||||||||||||||
| 390,588 | 670,285 | 882,501 | 924,294 | 795,049 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.21x | 1.89x | 1.96x | 3.16x | (2 | ) | ||||||||||||||
| (1) | Interest expense does not include the interest factor of rental expense as these amounts are not material. | |
| (2) | Negative ratio. Coverage deficiency of $795,049. |
