EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio data)
Year Ended December 31, | ||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 23,723 | $ | 23,746 | $ | 24,638 | $ | 22,088 | $ | 4,330 | ||||||||||
Interest expense on portion of rent expense representative of interest | 7,604 | 7,206 | 6,159 | 3,251 | 2,951 | |||||||||||||||
Total Fixed Charges | $ | 31,327 | $ | 30,952 | $ | 30,797 | $ | 25,339 | $ | 7,281 | ||||||||||
Earnings (Loss): | ||||||||||||||||||||
Net loss before provision for income taxes and cumulative effect of change in accounting principle | $ | (185,324 | ) | $ | (219,716 | ) | $ | (117,152 | ) | $ | (235,331 | ) | $ | (41,944 | ) | |||||
Fixed Charges per above | 31,327 | 30,952 | 30,797 | 25,339 | 7,281 | |||||||||||||||
Total Earnings (Loss) | $ | (153,997 | ) | $ | (188,764 | ) | $ | (86,355 | ) | $ | (209,992 | ) | $ | (34,663 | ) | |||||
Ratio of Earnings to Fixed Charges | — | — | — | — | — | |||||||||||||||
Coverage deficiency (1)(2)(3) | $ | (185,324 | ) | $ | (219,716 | ) | $ | (117,152 | ) | $ | (235,331 | ) | $ | (41,944 | ) | |||||
(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. |