EXHIBIT 12.1
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(dollars in thousands, except ratio data) | ||||||||||||||||||||||||
Three | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | Year ended December 31, | |||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006(1) | 2005(1) | 2004(1) | |||||||||||||||||||
Restated | Restated | |||||||||||||||||||||||
Earnings (Loss): | ||||||||||||||||||||||||
Earnings (loss) before provision for income taxes | $ | 129,813 | $ | (268,891 | ) | $ | (284,370 | ) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | |||||||
Fixed Charges | 20,566 | 82,930 | 80,927 | 49,391 | 32,463 | 31,957 | ||||||||||||||||||
Total Earnings (Loss) | $ | 150,379 | $ | (185,961 | ) | $ | (203,443 | ) | $ | (201,782 | ) | $ | (206,976 | ) | $ | (210,941 | ) | |||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 15,730 | $ | 62,912 | $ | 60,716 | $ | 29,492 | $ | 17,849 | $ | 22,868 | ||||||||||||
Interest expense on portion of rent expense representative of interest | 4,836 | 20,018 | 20,211 | 19,899 | 14,614 | 9,089 | ||||||||||||||||||
Total Fixed Charges | $ | 20,566 | $ | 82,930 | $ | 80,927 | $ | 49,391 | $ | 32,463 | $ | 31,957 | ||||||||||||
Ratio of Earnings to Fixed Charges(2) | 7.31 | — | — | — | — | — | ||||||||||||||||||
Coverage deficiency(3)(4)(5) | — | $ | (268,891 | ) | $ | (284,370 | ) | $ | (251,173 | ) | $ | (239,439 | ) | $ | (242,898 | ) | ||||||||
(1) | The Company adopted FSP APB 14-1 effective January 1, 2009 using the financial statement approach, which resulted in the cumulative effect of a change in accounting principle being recorded as of January 1, 2007, and has restated its 2007 and 2008 financial information, but not 2006, 2005, or 2004. | |
(2) | The Company’s Ratio of Earnings to Fixed Charges for the three months ended March 31, 2009 includes a gain on extinguishment of debt of $38,873 and gain on the sale of an equity investment of $5,259. | |
(3) | The Company’s Coverage deficiency for 2008 includes a gain on the sale of an equity investment of $32,518. | |
(4) | 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. | |
(5) | 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. |