Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands, except ratio)

	Year Ended December 31,
	2009			2010			2011			2012			2013
Earnings:
Loss from continuing operations	$	(74,923	)	$	(97,467	)	$	(54,924	)	$	(112,198	)	$	(591,116	)
Fixed charges		42,757			52,283			59,171			61,802			85,046
Income tax expense (benefit)		(16	)		396			(109	)		413			1,138
Loss in equity investee		73			2,829			420			335			634
Less: capitalized interest		(35,887	)		(47,122	)		(54,139	)		(40,116	)		(17,096	)
Total earnings	$	(67,996	)	$	(89,081	)	$	(49,581	)	$	(89,764	)	$	(521,394	)
Fixed Charges:
Interest expense, net	$	6,730		$	5,021		$	4,824		$	21,506		$	67,828
Estimated interest component of rental expense(1)		140			140			208			180			122
Capitalized interest		35,887			47,122			54,139			40,116			17,096
Total fixed charges	$	42,757		$	52,283		$	59,171		$	61,802		$	85,046
Ratio of Earnings to Fixed Charges		*			*			*			*			*

* For these periods, earnings were inadequate to cover fixed charges. The excess of fixed charges over earnings for those years was as follows: $110.8 million for the year ended December 31, 2009; $141.4 million for the year ended December 31, 2010; $108.8 million for the year ended December 31, 2011; $151.6 million for the year ended December 31, 2012 and $606.4 million for the year ended December 31, 2013.

(1)  Represents our estimate of the interest component of noncancelable operating lease rental expense.