EXHIBIT 12.1
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(dollars in thousands, except ratio data) | ||||||||||||||||||||||||
Nine months | ||||||||||||||||||||||||
ended | ||||||||||||||||||||||||
September | Year ended December 31, | |||||||||||||||||||||||
30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 29,589 | $ | 39,341 | $ | 29,492 | $ | 17,849 | $ | 22,868 | $ | 23,723 | ||||||||||||
Interest expense on portion of rent expense representative of interest | 15,031 | 20,211 | 19,899 | 14,614 | 9,089 | 7,604 | ||||||||||||||||||
Total Fixed Charges | $ | 44,620 | $ | 59,552 | $ | 49,391 | $ | 32,463 | $ | 31,957 | $ | 31,327 | ||||||||||||
Earnings (Loss): | ||||||||||||||||||||||||
Net loss before provision for income taxes | $ | (189,219 | ) | $ | (262,448 | ) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | $ | (185,324 | ) | ||||||
Fixed Charges per above | 44,620 | 59,552 | 49,391 | 32,463 | 31,957 | 31,327 | ||||||||||||||||||
Total Earnings (Loss) | $ | (144,599 | ) | $ | (202,896 | ) | $ | (201,782 | ) | $ | (206,976 | ) | $ | (210,941 | ) | $ | (153,997 | ) | ||||||
Ratio of Earnings to Fixed Charges | — | — | — | — | — | — | ||||||||||||||||||
Coverage deficiency(1)(2)(3) | $ | (189,219 | ) | $ | (262,448 | ) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | $ | (185,324 | ) | ||||||
(1) | The Company’s Coverage deficiency for 2008 includes a gain on the sale of an equity investment of $32,518 partially offset by a charge for impaired investments of $6,049. | |
(2) | The Company’s Coverage deficiency for 2006 includes charges for lease termination and restructuring costs of $29,510 partially offset by a gain on the sale of an equity investment of $14,759. | |
(3) | 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. |