EX-12.1 2 exhibit121-computationofra.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preference Dividends


EXHIBIT 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

The following table contains our earnings to fixed charges and to combined fixed charges and preference dividends for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference herein.




 
 
For the years ended
 

2007

2008

2009

2010

2011
(Dollars in Thousands)


 
 
 
 
 
 
 
 
EARNINGS:










Net income (loss) before taxes (2)

$
24,895


$
(150,138
)

$
(181,120
)

$
(142,531
)

$
(205,833
)
Fixed charges

4,210


14,466


18,507


20,485


38,771

Capitalized interest

(122
)

(361
)

(1,760
)

(2,632
)

(7,771
)
Noncontrolling interest in net loss before taxes

—


—


(173
)

(3,114
)

(5,389
)
          Earnings (Loss)

$
28,983


$
(136,033
)

$
(164,546
)

$
(127,792
)

$
(180,222
)
 










FIXED CHARGES:










Interest expense

$
3,833


$
10,010


$
10,712


$
9,312


$
22,498

Capitalized interest

122


361


1,760


2,632


7,771

Amortization of premiums and discounts related to indebtedness

—


2,424


3,522


5,692


5,392

Loan cost amortization

255


1,671


2,513


2,849


3,110

          Fixed Charges

$
4,210


$
14,466


$
18,507


$
20,485


$
38,771

 










PREFERRED STOCK DIVIDENDS:










Preferred dividends requirement

$
4,625


$
4,625


$
4,625


$
4,633


$
6,720

Ratio of income (loss) before provision for taxes to net income (loss) (2)

1.47


1.21


1.00


1.03


1

          Preferred Dividends

$
6,819


$
5,603


$
4,626


$
4,775


$
6,700

 










COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

$
11,029


$
20,069


$
23,133


$
25,260


$
45,471

 










RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (1)

6.88


(9.40
)

(8.89
)

(6.24
)

(4.65
)
INSUFFICIENT COVERAGE

$
—


$
150,499


$
183,053


$
148,277


$
218,993

 










RATIO OF EARNINGS (LOSS) TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (1)

2.63


(6.78
)

(7.11
)

(5.06
)

(3.96
)
INSUFFICIENT COVERAGE

$
—


$
156,102


$
187,679


$
153,052


$
225,693

(1)
For purposes of determining the ratio of earnings to fixed charges and the ratio of combined fixed charges and preference dividends to earnings, earnings are defined as income before income taxes, plus fixed charges (excluding amortization of capitalized interest) less capitalized interest. Fixed charges consist of interest incurred (whether expensed or capitalized) and amortization of deferred financing costs. Preference dividends consist of dividends paid with respect to our outstanding preferred stock.

(2)
Net income (loss) reflect retrospective adoption of the cumulative effect of accounting changes for the years ended December 31, 2008 and 2009.