EXHIBIT 12.1
Nine Month Ended September 30, 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Unaudited) | ||||||||||||||||||||
Earnings (losses): | ||||||||||||||||||||
Losses before income taxes | (105,253 | ) | (86,928 | ) | (203,082 | ) | (137,768 | ) | (114,261 | ) | (51,402 | ) | ||||||||
Gain on debt restructuring | - | (80,071 | ) | - | - | - | - | |||||||||||||
Amortization of capitalized | ||||||||||||||||||||
interest (a) | 5,215 | 5,654 | 4,206 | 3,557 | 954 | - | ||||||||||||||
Interest capitalized (d) | (7,266 | ) | (5,692 | ) | (2,793 | ) | - | (14,042 | ) | (12,300 | ) | |||||||||
(107,304 | ) | (167,037 | ) | (201,669 | ) | (134,211 | ) | (127,349 | ) | (63,702 | ) | |||||||||
Fixed Charges: | ||||||||||||||||||||
Amortization of expenses related to indebtedness (b) | 5,630 | 4,589 | 523 | 524 | 271 | - | ||||||||||||||
Interest expenses (c) | 24,345 | 39,264 | 32,360 | 26,582 | 7,891 | 708 | ||||||||||||||
Interest capitalized (d) | 7,266 | 5,692 | 2,793 | - | 14,042 | 12,300 | ||||||||||||||
Total Fixed Charges | 37,241 | 49,545 | 35,676 | 27,106 | 22,204 | 13,008 | ||||||||||||||
Earnings (losses), as adjusted | (70,063 | ) | (117,492 | ) | (165,993 | ) | (107,105 | ) | (105,145 | ) | (50,694 | ) | ||||||||
Ratio of earnings to fixed charges | (1 | ) | (2 | ) | (3 | ) | (4 | ) | (5 | ) | (6 | ) |
(a) | Includes amortization of deferred financing charges in connection with obtaining long-term bank loans which are comprised mainly of stock-based compensation related to warrants issued to banks. |
(b) | Includes amortization of convertible debentures discount and deferred issuance expenses. |
(c) | Includes, mainly, the effective interest of long-term loans based on their terms and the effect of hedge agreements with knock-out and knock-in features and interest expenses in relation to convertible debentures. |
(d) | Includes, mainly, the effective capitalized interest of long-term loans based on their terms and the effect of hedge agreements with a knock-out feature, capitalized interest in relation to convertible debentures and deferred financing charges in connection with obtaining long-term bank loans which are comprised mainly of stock-based compensation related to warrants issued to banks. |
(1) | Earnings as adjusted were inadequate to cover fixed charges by $107.3 million for the nine months ended September 30, 2007. |
(2) | Earnings as adjusted were inadequate to cover fixed charges by $167.0 million in 2006. |
(3) | Earnings as adjusted were inadequate to cover fixed charges by $201.7 million in 2005. |
(4) | Earnings as adjusted were inadequate to cover fixed charges by $134.2 million in 2004. |
(5) | Earnings as adjusted were inadequate to cover fixed charges by $127.3 million in 2003. |
(6) | Earnings as adjusted were inadequate to cover fixed charges by $63.7 million in 2002. |