EXHIBIT 12.1
DEFICIENCY OF EARNINGS TO COVER FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
AND ACCRETION
($ in thousands)
<TABLE>
For the six For the For the For the Nine Months Nine Months
For the year months ended year ended year ended year ended Ended Ended
ended December 31, December 31, December 31, December 31, September 30, September
June 30, 1996 1996 1997 1998 1999 1999 30, 2000
------------- ------------- ------------ ------------ ------------ ------------- -----------
Actual Actual Actual Actual Actual Actual Actual
------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Charges:
Interest expense,
including amortization
of debt
issuance costs $ 10,477 $ 10,390 $ 41,566 $ 75,474 $ 96,395 $ 70,365 $ 93,030
Portion of rent expenses
representative of interest (1) 385 561 2,013 3,597 5,214 3,595 4,844
--------- --------- --------- ---------- --------- --------- ----------
Total fixed charges 10,862 10,951 43,579 79,071 101,609 73,960 97,874
Earnings (loss):
Earnings (loss)
before minority interest (27,195) (35,077) (115,016) (163,079) (277,748) (188,548) (215,435)
Preferred stock dividends
and accretion 3,871 2,003 11,630 36,080 40,646 30,002 37,416
Fixed charges 10,862 10,951 43,579 79,071 101,609 73,960 97,874
--------- --------- --------- ---------- --------- --------- ---------
Earnings (loss) adjusted
for fixed charges and
preferred stock dividends
and accretion $ (41,928) $ (48,031) $ (170,225) $ (278,230) $(420,003) $(292,510) $(350,725)
Ratio of earnings (loss) to
combined fixed charges and
preferred stock dividends and
accretion - - - - - - -
Deficiency in earnings to cover
combined fixed charges
and preferred stock dividends
and accretion (2) $ (34,117) $ (39,348) $ (130,579) $ (202,405) $(326,267) $(224,198) $(254,146)
========= ========= ========== ========== ========= ========= =========
</TABLE>
(1) One-third of rent expense is deemed to be representative of interest.
(2) Deficiency includes capitalized interest as follows: $3,051 (6/30/96),
$2,268 (12/31/96), $3,933 (12/31/97), $3,246 (12/31/98), $7,873 (12/31/99),
$5,648 (9/30/99) and $1,295 (9/30/00)
