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EXHIBIT 12
COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
<TABLE>
<CAPTION>
Year Ended December 31,
Nine Months Ended ---------------------------------------------------------------------
September 30, 2000 1999 1998 1997 1996 1995
------------------- ---------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Earnings:
Income (loss) before income
taxes and cumulative effect of
change in accounting principle $(152,000) $(367,472) $(190,826) $ (28,005) $ (3,146) $ 6,763
Add:
Interest expense - net 148,205 97,212 7,468 933 17,367 13,999
Rental expense representative
of interest factor 118,363 96,786 44,590 28,120 18,786 1,784
Minority interest income (loss)
of consolidated subsidiaries (34,979) (31,503) (15,645) 13,506 -- --
Equity losses 9,748 36,440 7,908 2,383 1,601 93
--------- --------- --------- --------- --------- ---------
Total earnings (loss) as adjusted plus
fixed charges $ 89,337 $(168,537) $(146,505) $ 16,937 $ 34,608 $ 22,639
========= ========= ========= ========= ========= =========
Fixed charges:
Interest expense - net $ 148,205 $ 97,212 $ 7,468 $ 933 $ 17,367 $ 13,999
Capitalized interest 116,172 39,518 11,182 7,781 -- --
Rental expense representative of
interest factor 118,363 96,786 44,590 28,120 18,786 1,784
--------- --------- --------- --------- --------- ---------
Total fixed charges 382,740 233,516 63,240 36,834 36,153 15,783
Preferred stock dividends and
amortization of preferred
stock issuance costs 540 -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Combined fixed charges and preferred
stock dividend requirements $ 383,280 $ 233,516 $ 63,240 $ 36,834 $ 36,153 $ 15,783
========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges (a) (a) (a) (a) (a) 1.43
Ratio of earnings to combined
fixed charges and preferred
stock dividend requirements (b) (b) (b) (b) (b) 1.43
========= ========= ========= ========= ========= =========
</TABLE>
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(a) Earnings were inadequate to cover fixed charges by $293,403,000,
$402,053,000, $209,745,000, $19,897,000, and $1,545,000 for the nine
months ended September 30, 2000 (unaudited), and the years ended
December 31, 1999, 1998, 1997, and 1996, respectively.
(b) Earnings were inadequate to cover combined fixed charges and preferred
stock dividend requirements by $293,943,000, $402,053,000,
$209,745,000, $19,897,000, and $1,545,000 for the nine months ended
September 30, 2000 (unaudited), and the years ended December 31, 1999,
1998, 1997, and 1996, respectively.
