EX-12.1 12 c60085exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Ratio of Fixed Charges and Preferred Stock Dividends to Earnings
Amounts in thousands
                                                         
    Six months ended   Six months ended   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended
    6/30/2010   6/30/2009   12/31/2009   12/31/2008   12/31/2007   12/31/2006   12/31/2005
Earnings:
                                                       
Add: Pre-tax income/loss from continuing operations before adjustment for noncontrolling interest or income/loss from equity investees
  $ (20,439 )   $ (17,019 )   $ (55,601 )   $ (49,332 )   $ (14,345 )   $ (57,755 )   $ (31,446 )
Fixed charges
    28,123       20,008       42,517       34,493       25,036       15,312       15,844  
Amortization of capitalized interest
    2,177       2,177       4,355       3,336       1,882       916       953  
     
 
    9,861       5,166       (8,729 )     (11,503 )     12,573       (41,527 )     (14,649 )
 
                                                       
Less: Interest capitalized
          1,761       1,761       4,714       9,277       7,628       5,495  
Noncontrolling interest in pre-tax loss of subidiaries that have not incurred fixed charges
    39                         (763 )     (836 )     (7 )
     
 
    39       1,761       1,761       4,714       8,514       6,792       5,488  
     
Total Earnings
  $ 9,822     $ 3,405     $ (10,490 )   $ (16,217 )   $ 4,059     $ (48,319 )   $ (20,137 )
     
 
                                                       
Fixed Charges:
                                                       
Interest expensed
  $ 21,658     $ 15,044     $ 34,072     $ 27,277     $ 14,887     $ 7,169     $ 6,728  
Interest capitalized
          1,761       1,761       4,714       9,277       7,628       5,495  
Amortized capitalized expense related to indebtedness
    6,465       3,203       6,684       2,502       872       515       3,621  
     
Total Fixed Charges
  $ 28,123     $ 20,008     $ 42,517     $ 34,493     $ 25,036     $ 15,312     $ 15,844  
     
 
                                                       
Preferred Stock Dividends
                                         
 
                                                       
Ratio of earnings to fixed charges (1)
    0.35       0.17       (0.25 )     (0.47 )     0.16       (3.16 )     (1.27 )
Ratio of fixed charges and preferred stock dividends to earnings (1)
    2.86       5.88       (4.05 )     (2.13 )     6.17       (0.32 )     (0.79 )
 
                                                       
 
(1)   Fixed charges in excess of earnings
  $ 18,301     $ 16,603     $ 53,007     $ 50,710     $ 20,977     $ 63,631     $ 35,981