| Year Ended December 31, | ||||||||||||||||||||
| 2008 (a) | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
|
Earnings available to cover fixed charges:
|
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|
Income/(loss) before income taxes and cumulative
effect of accounting change |
$ | (887 | ) | $ | 655 | $ | 542 | $ | 626 | $ | 587 | |||||||||
|
Plus: Fixed charges
|
242 | 209 | 159 | 93 | 86 | |||||||||||||||
|
Amortization of capitalized interest
|
22 | 18 | 8 | 5 | 6 | |||||||||||||||
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Less: Capitalized interest
|
19 | 23 | 16 | 7 | 5 | |||||||||||||||
|
Earnings available to cover fixed charges
|
$ | (642 | ) | $ | 859 | $ | 693 | $ | 717 | $ | 674 | |||||||||
|
Fixed
charges (b):
|
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|
Interest, including amortization of deferred financing costs
|
$ | 211 | $ | 183 | $ | 137 | $ | 75 | $ | 70 | ||||||||||
|
Interest portion of rental payments
|
31 | 26 | 22 | 18 | 16 | |||||||||||||||
|
Total fixed charges
|
$ | 242 | $ | 209 | $ | 159 | $ | 93 | $ | 86 | ||||||||||
|
Ratio of earnings to fixed charges
|
— | 4.11x | 4.36x | 7.71x | 7.84x | |||||||||||||||
| (a) | The Company was deficient to cover fixed charges by $884 million. | |
| (b) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. |