EX-12.1 4 dex121.htm STATEMENT OF COMPUTATION OF RATIOS Statement of Computation of Ratios

Exhibit 12.1

Computation of ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends.

 

     The
Company		    The Company
and the
Predecessor		     The Predecessor  
          Year ended December 31,        
     Year Ended
December 31,
2005		    2004     2003     2002     Period from
February 28, 2001
(inception) through
December 31, 2001		  

Income (loss) before minority interests

    $ 24,357    $ (5,681 )   $ 16,791     $ 129     $ (2,758 )

Interest

      39,122      24,461       10,091       5,249       —    

Interest within rental expense

      147      113       66       —         —    

Minority interests in consolidated joint ventures

      12      24       (149 )     (190 )     —    
                                       

Earnings available to cover fixed charges

    $ 63,638    $ 18,917     $ 26,799     $ 5,188     $ (2,758 )

Fixed charges:

            

Interest

    $ 39,122    $ 24,461     $ 10,091     $ 5,249     $ —    

Interest within rental expense

      147      113       66       —         —    

Capitalized interest

      279      —         —         —         —    
                                       
     39,548      24,574       10,157       5,249       —    

Preferred stock dividends

      10,014      —         —         —         —    
                                       

Fixed charges and preferred stock dividends

    $ 49,562    $ 24,574     $ 10,157     $ 5,249     $ —    

Ratio of earnings to fixed charges

      1.61      —   (1)     2.64       —   (2)     —    

Ratio of earnings to fixed charges and preferred stock dividends

      1.28      —         2.64       —   (2)     —     
                                       
(1) For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $5,657.
(2) For the year ended December 31, 2002, earnings were insufficient to cover fixed charges by $61.