Exhibit 12.1
Six months ended | ||||||||||||||||||
June 30, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||
Earnings (losses): | ||||||||||||||||||
Losses before income taxes | (38,703 | ) | (125,481 | ) | (103,690 | ) | (134,196 | ) | (167,927 | ) | (203,082 | ) | ||||||
Gain on debt restructuring | – | – | (130,698 | ) | – | – | – | |||||||||||
Amortization of capitalized interest (a) | – | – | – | – | – | 4,206 | ||||||||||||
Interest capitalized (d) | – | – | (3,636 | ) | (10,109 | ) | (5,692 | ) | (2,793 | ) | ||||||||
(38,703 | ) | (125,481 | ) | (238,024 | ) | (144,305 | ) | (173,619 | ) | (201,669 | ) | |||||||
Fixed Charges: | ||||||||||||||||||
Amortization of expenses related to indebtedness (b) | 7,716 | 16,667 | 12,862 | 11,749 | 10,246 | 523 | ||||||||||||
Interest expenses (c) | 11,352 | 29,391 | 20,174 | 33,444 | 39,264 | 32,362 | ||||||||||||
Interest capitalized (d) | – | 3,636 | 10,109 | 5,692 | 2,793 | |||||||||||||
Total Fixed Charges | 19,068 | 46,058 | 36,672 | 55,302 | 55,202 | 35,678 | ||||||||||||
Earnings (losses), as adjusted | (19,635 | ) | (79,423 | ) | (201,352 | ) | (89,003 | ) | (118,417 | ) | (165,991 | ) | ||||||
Ratio of earnings to fixed charges | (1 | ) | (2 | ) | (3 | ) | (4 | ) | (5 | ) | (6 | ) |
(1) | Earnings as adjusted were inadequate to cover fixed charges by $38.7 million in the six months ended June 30, 2010. |
(2) | Earnings as adjusted were inadequate to cover fixed charges by $125.5 million in 2009. |
(3) | Earnings as adjusted were inadequate to cover fixed charges by $238.0 million in 2008. |
(4) | Earnings as adjusted were inadequate to cover fixed charges by $144.3 million in 2007. |
(5) | Earnings as adjusted were inadequate to cover fixed charges by $173.6 million in 2006. |
(6) | Earnings as adjusted were inadequate to cover fixed charges by $201.7 million in 2005. |
(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 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. |