Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

Our ratio of earnings to fixed charges and preferred share dividends for the years indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from continuing operations from our consolidated statements of operations, as adjusted for fixed charges; fixed charges represent interest expense and preferred share dividends represent income or loss allocated to preferred shares from our consolidated statements of operations.

The following table presents our ratio of earnings to fixed charges and preferred share dividends for the five years ended December 31, 2013 (dollars in thousands):

	For the Years Ended December 31
	2013			2012			2011			2010			2009
Net income (loss) from continuing operations	$	(285,364	)	$	(168,341	)	$	(38,457	)	$	110,590		$	(440,141	)
Add back fixed charges:
Interest expense		70,892			75,317			89,649			96,690			261,824
Earnings before fixed charges and preferred share dividends		(214,472	)		(93,024	)		51,192			207,280			(178,317	)
Fixed charges and preferred share dividends:
Interest expense		70,892			75,317			89,649			96,690			261,824
Preferred share dividends		22,616			14,660			13,649			13,641			13,641
Total fixed charges and preferred share dividends	$	93,508		$	89,977		$	103,298		$	110,331		$	275,465
Ratio of earnings to fixed charges		—x	(1)		—x	(1)		—x	(1)		2.1	x		—x	(1)
Ratio of earnings to fixed charges and preferred share dividends		—x	(2)		—x	(2)		—x	(2)		1.9	x		—x	(2)

(1) The dollar amount of the deficiency for the years ended December 31, 2013, 2012, 2011 and 2009 is $285.4 million, $168.3 million, $38.5 million, and $440.1 million, respectively.

(2) The dollar amount of the deficiency for the years ended December 31, 2013, 2012, 2011 and 2009 is $308.0 million, $183.0 million, $52.1 million, and $453.8 million, respectively.