EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio data)
(dollars in thousands, except ratio data)
Year Ended December 31, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 29,492 | $ | 17,849 | $ | 22,868 | $ | 23,723 | $ | 23,746 | ||||||||||
Interest expense on portion of rent expense representative of interest | 19,899 | 14,614 | 9,089 | 7,604 | 7,206 | |||||||||||||||
Total Fixed Charges | $ | 49,391 | $ | 32,463 | $ | 31,957 | $ | 31,327 | $ | 30,952 | ||||||||||
Earnings (Loss): | ||||||||||||||||||||
Net loss before provision for income taxes and cumulative effect of change in accounting principle | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | $ | (185,324 | ) | $ | (219,716 | ) | |||||
Fixed Charges per above | 49,391 | 32,463 | 31,957 | 31,327 | 30,952 | |||||||||||||||
Total Earnings (Loss) | $ | (201,782 | ) | $ | (206,976 | ) | $ | (210,941 | ) | $ | (153,997 | ) | $ | (188,764 | ) | |||||
Ratio of Earnings to Fixed Charges | — | — | — | — | — | |||||||||||||||
Coverage deficiency(1)(2)(3) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | $ | (185,324 | ) | $ | (219,716 | ) | |||||
(1) | The Company’s Coverage deficiency for 2006 includes charges for lease termination and restructuring of $29,510 partially offset by a gain on the sale of an equity investment of $14,759. | |
(2) | The Company’s Coverage deficiency for 2004 includes net charges of $12,975, relating to a $15,408 charge for restructuring partially offset by a gain recognized on the extinguishment of debt of $2,433. | |
(3) | 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. |