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, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 39,483 | $ | 39,341 | $ | 29,492 | $ | 17,849 | $ | 22,868 | ||||||||||
Interest expense on portion of rent expense representative of interest | 20,018 | 20,211 | 19,899 | 14,614 | 9,089 | |||||||||||||||
Total Fixed Charges | $ | 59,501 | $ | 59,552 | $ | 49,391 | $ | 32,463 | $ | 31,957 | ||||||||||
Earnings (Loss): | ||||||||||||||||||||
Net loss before provision for income taxes | $ | (244,915 | ) | $ | (262,448 | ) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | |||||
Fixed Charges per above | 59,501 | 59,552 | 49,391 | 32,463 | 31,957 | |||||||||||||||
Total Earnings (Loss) | $ | (185,414 | ) | $ | (202,896 | ) | $ | (201,782 | ) | $ | (206,976 | ) | $ | (210,941 | ) | |||||
Ratio of Earnings to Fixed Charges | — | — | — | — | — | |||||||||||||||
Coverage deficiency(1)(2)(3) | $ | (244,915 | ) | $ | (262,448 | ) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | |||||
(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 $6,284. | |
(2) | 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. | |
(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. |