Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends

	Year Ended December 31,
	2008			2007			2006			2005			2004
	(Dollars in thousands, except ratios)
Earnings:
Pretax income excluding income or loss from equity investments	$	395,096		$	156,210		$	264,261		$	6,864		$	105,435
Adjustments:
Fixed charges		99,562			103,251			87,402			85,044			68,825
Distributed income from equity investments		2,167			1,672			—			—			17,678
Capitalized interest, net of amortization		(8,351	)		(16,849	)		(14,578	)		(4,248	)		(162	)
Arch Western Resources, LLC dividends on preferred membership interest		(107	)		(85	)		(96	)		(96	)		(96	)
Total earnings	$	488,367		$	244,199		$	336,989		$	87,564		$	191,680
Fixed charges:
Interest expense	$	76,139		$	74,865		$	64,364		$	72,409		$	62,634
Capitalized interest		11,703			17,967			14,807			4,248			162
Arch Western Resources, LLC dividends on preferred membership interest		107			85			96			96			96
Portions of rent which represent an interest factor		11,613			10,334			8,135			8,291			5,933
Total fixed charges		99,562			103,251			87,402			85,044			68,825
Preferred stock dividends		12			219			378			15,579			7,187
Total fixed charges and preferred stock dividends	$	99,574		$	103,470		$	87,780		$	100,623		$	76,012
Ratio of earnings to combined fixed charges and preference dividends		4.90	x		2.36	x		3.84	x		(a	)		2.52	x

(a) Combined fixed charges and preference dividends exceeded earnings by $13.1 million for the year ended December 31, 2005.