EX-12.1 7 ex12-1.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12-1.htm
Exhibit 12.1


   
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
  
   
Year ended
December 31,
2009
    
Year ended
December 31,
2008(1)
    
Year ended
 December 31,
 2007(1)
  
  
Year ended
 December 31,
 2006(1)
    
Year ended
 December 31,
 2005
  
Earnings:
                        
  
              
Pretax income
   $
29,256
     $
(49,897
)
   $
(233,855
)
   $
(18,277
)
   $
49,299
  
Fixed charges
    
54,752
      
52,147
      
45,365
      
21,417
      
16,199
  
Amortization of capitalized interest
    
445
      
255
      
32
      
—  
      
—  
  
Capitalized interest
    
(325
)
    
(5,946
)
    
(5,057
)
    
(990
)
    
(293
)
Total earnings
   $
84,128
     $
(3,441
)
   $
(193,515
)
   $
2,150
     $
65,205
  
                                         
Fixed charges:
                                        
Interest expense
   $
47,724
     $
46,737
     $
35,923
     $
17,303
     $
13,356
  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    
7,001
      
5,367
      
9,140
      
3,418
      
1,784
  
Estimated interest expense within rental expense
    
27
      
43
      
302
      
696
      
1,059
  
Total fixed charges
   $
54,752
     $
52,147
     $
45,365
     $
21,417
     $
16,199
  
                                         
Ratio of earnings to fixed charges
    
1.54
      
—  
      
—  
      
0.10
      
4.03
  

(1)
The amount of additional earnings needed to obtain a ratio of earnings to fixed charges of 1x was approximately $55.6 million, $238.9 million and $19.3 million for the years ended December 31, 2008, 2007 and 2006, respectively.