Exhibit 12.1
Nine Months Ended September 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Unaudited) | ||||||||||||||||||||
Earnings (losses): | ||||||||||||||||||||
Losses before income taxes | (96,198 | ) | (105,860 | ) | (134,196 | ) | (167,927 | ) | (203,082 | ) | (137,768 | ) | ||||||||
Gain on debt restructuring | - | (130,698 | ) | - | - | - | - | |||||||||||||
Amortization of capitalized interest (a) | - | - | - | - | 4,206 | 3,557 | ||||||||||||||
Interest capitalized (d) | - | (3,636 | ) | (10,109 | ) | (5,692 | ) | (2,793 | ) | - | ||||||||||
(96,198 | ) | (240,194 | ) | (144,305 | ) | (173,619 | ) | (201,669 | ) | (134,211 | ) | |||||||||
Fixed Charges: | ||||||||||||||||||||
Amortization of expenses related to indebtedness (b) | 12,235 | 12,862 | 11,749 | 10,246 | 523 | 524 | ||||||||||||||
Interest expenses (c) | 21,804 | 20,174 | 33,444 | 39,264 | 32,362 | 26,582 | ||||||||||||||
Interest capitalized (d) | - | 3,636 | 10,109 | 5,692 | 2,793 | - | ||||||||||||||
Total Fixed Charges | 34,039 | 36,672 | 55,302 | 55,202 | 35,678 | 27,106 | ||||||||||||||
Earnings (losses), as adjusted | (62,159 | ) | (203,522 | ) | (89,003 | ) | (118,417 | ) | (165,991 | ) | (107,105 | ) | ||||||||
Ratio of earnings to fixed charges | (i) | (ii) | (iii) | (iv) | (v) | (vi) |
(i) | Earnings as adjusted were inadequate to cover fixed charges by $96.2 million for the nine months ended September 30, 2009. |
(ii) | Earnings as adjusted were inadequate to cover fixed charges by $240.2 million in 2008. |
(iii) | Earnings as adjusted were inadequate to cover fixed charges by $144.3 million in 2007. |
(iv) | Earnings as adjusted were inadequate to cover fixed charges by $173.6 million in 2006. |
(v) | Earnings as adjusted were inadequate to cover fixed charges by $201.7 million in 2005. |
(vi) | Earnings as adjusted were inadequate to cover fixed charges by $134.2 million in 2004. |
(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. |