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 periods 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; and fixed charges represent interest expense and preferred share dividends 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, 2011 (dollars in thousands):

	For the Years Ended December 31
	2011			2010		2009			2008			2007
Net income (loss) from continuing operations	$	(38,457	)	$	110,590	$	(440,141	)	$	(617,130	)	$	(435,991	)
Add back fixed charges:
Interest expense		89,649			95,658		260,803			489,710			700,460
Earnings before fixed charges and preferred share dividends		51,192			206,248		(179,338	)		(127,420	)		264,469
Fixed charges and preferred share dividends:
Interest expense		89,649			95,658		260,803			489,710			700,460
Preferred share dividends		13,649			13,641		13,641			13,641			11,817
Total fixed charges and preferred share dividends	$	103,298		$	109,299	$	274,444		$	503,351		$	712,277
Ratio of earnings to fixed charges		0.0x	(1)		2.2x		0.0x	(1)		0.0x	(1)		0.0x	(1)
Ratio of earnings to fixed charges and preferred share dividends		0.0x	(2)		1.9x		0.0x	(2)		0.0x	(2)		0.0x	(2)

(1) The dollar amount of the deficiency for the years ended December 31, 2011, 2009, 2008 and 2007 is $38.5 million, $440.1 million, $617.1 million, and $436.0 million, respectively.

(2) The dollar amount of the deficiency for the years ended December 31, 2011, 2009, 2008 and 2007 is $52.1 million, $453.8 million, $630.8 million, and $447.8 million, respectively.