EXHIBIT 12.1
Year Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||
Earnings (losses): | |||||||||||||||||
Losses before income taxes | (134,196 | ) | (86,928 | ) | (203,082 | ) | (137,768 | ) | (114,261 | ) | |||||||
Gain on debt restructuring | - | (80,071 | ) | - | - | - | |||||||||||
Amortization of capitalized | |||||||||||||||||
interest (a) | - | 5,654 | 4,206 | 3,557 | 954 | ||||||||||||
Interest capitalized (d) | (9,465 | ) | (5,692 | ) | (2,793 | ) | - | (14,042 | ) | ||||||||
(143,661 | ) | (167,037 | ) | (201,669 | ) | (134,211 | ) | (127,349 | ) | ||||||||
Fixed Charges: | |||||||||||||||||
Amortization of expenses related to indebtedness (b) | 7,811 | 4,589 | 523 | 524 | 271 | ||||||||||||
Interest expenses (c) | 33,444 | 39,264 | 32,360 | 26,582 | 7,891 | ||||||||||||
Interest capitalized (d) | 9,465 | 5,692 | 2,793 | - | 14,042 | ||||||||||||
Total Fixed Charges | 50,720 | 49,545 | 35,676 | 27,106 | 22,204 | ||||||||||||
Earnings (losses), as adjusted | (92,941 | ) | (117,492 | ) | (165,993 | ) | (107,105 | ) | (105,145 | ) | |||||||
Ratio of earnings to fixed charges | (1 | ) | (2 | ) | (3 | ) | (4 | ) | (5 | ) |
(1) | Earnings as adjusted were inadequate to cover fixed charges by $143.7 million in 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. |
(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. |