EXHIBIT 12.1
Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||
(dollars in thousands, except ratio data) | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest expense on indebtedness(including amortization of debt expense and discount) | $ | 23,746 | $ | 24,638 | $ | 22,088 | $ | 4,330 | $ | 207 | |||||||||||||
Interest expense on portion of rent expense representative of interest | 7,206 | 6,159 | 3,251 | 2,951 | 1,299 | ||||||||||||||||||
Total Fixed Charges | $ | 30,952 | $ | 30,797 | $ | 25,339 | $ | 7,281 | $ | 1,506 | |||||||||||||
Earnings (Loss): | |||||||||||||||||||||||
Net loss before provision for income taxes and cumulative effect of change in accounting principle | $ | (219,716 | ) | $ | (117,152 | ) | $ | (235,331 | ) | $ | (41,944 | ) | $ | (22,957 | ) | ||||||||
Fixed Charges per above | 30,952 | 30,797 | 25,339 | 7,281 | 1,506 | ||||||||||||||||||
Total Earnings (Loss) | $ | (188,764 | ) | $ | (86,355 | ) | $ | (209,992 | ) | $ | (34,663 | ) | $ | (21,451 | ) | ||||||||
Ratio of Earnings to Fixed Charges | — | — | — | — | — | ||||||||||||||||||
Coverage deficiency (1)(2)(3) | $ | (219,716 | ) | $ | (117,152 | ) | $ | (235,331 | ) | $ | (41,944 | ) | $ | (22,957 | ) | ||||||||
(1) | The Company’s Coverage deficiency for 2002 includes charges aggregating $46,396 arising from the Company’s impairment charge relating to its investment in CAT and a charge for construction design changes of $32,158 and $14,238, respectively. | |
(2) | The Company’s Coverage deficiency for 2001 includes charges aggregating $26,208 arising from the Company’s impairment charge relating to its investment in Transgene and debt conversion expenses of $22,314 and $3,894, respectively. | |
(3) | The Company’s Coverage deficiency for 2000 includes charges aggregating $184,868 arising from purchased in-process research and development and debt conversion expenses of $134,050 and $50,818, respectively. |