Attached files
EXHIBIT 12
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Fiscal Years Ended December 31 | ||||||||||||||||||||||||
| (In thousands) | Nine
Months Ended September 30, 2010 |
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
| Net (loss) earnings |
$ | (673,250 | ) | $ | (147,879 | ) | $ | (410,579 | ) | $ | (1,290,299 | ) | $ | 582,172 | $ | 522,854 | ||||||||
| Federal and state income taxes |
(386,733 | ) | (94,401 | ) | (263,550 | ) | (778,616 | ) | 231,097 | 217,485 | ||||||||||||||
| (Loss) earnings before income taxes |
$ | (1,059,983 | ) | $ | (242,280 | ) | $ | (674,129 | ) | $ | (2,068,915 | ) | $ | 813,269 | $ | 740,339 | ||||||||
| Equity in net (income) loss of affiliates |
(14,668 | ) | (33,226 | ) | (59,797 | ) | 416,541 | (256,993 | ) | (217,692 | ) | |||||||||||||
| Distributed income from equity investees |
29,498 | 11,040 | 35,460 | 51,512 | 150,609 | 144,161 | ||||||||||||||||||
| Net (loss) earnings |
$ | (1,045,153 | ) | $ | (264,466 | ) | $ | (698,466 | ) | $ | (1,600,862 | ) | 706,885 | 666,808 | ||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest |
$ | 28,551 | $ | 46,010 | $ | 53,514 | $ | 53,068 | $ | 48,149 | $ | 43,043 | ||||||||||||
| One-third of all rentals (2) |
1,234 | 2,496 | 2,529 | 2,746 | 3,255 | 2,852 | ||||||||||||||||||
| Fixed charges |
$ | 29,785 | $ | 48,506 | $ | 56,043 | $ | 55,814 | $ | 51,404 | $ | 45,895 | ||||||||||||
| Net (loss) earnings and fixed charges |
$ | (1,015,368 | ) | $ | (215,960 | ) | $ | (642,423 | ) | $ | (1,545,048 | ) | $ | 758,289 | $ | 712,703 | ||||||||
| Ratio of net (loss) earnings and fixed charges to fixed charges |
(1 | ) | (1 | ) | (1 | ) | (1 | ) | 14.8x | 15.5x | ||||||||||||||
| (1) | For the nine months ended September 30, 2010, and in 2009, 2008 and 2007, earnings were not adequate to cover fixed charges in the amount of $1,015.4 million, $215.9 million, $642.2 million and $1,545.0 million, respectively. |
| (2) | Interest on tax accruals that are non-third party indebtedness are excluded from the calculation. |