EX-12.1 5 dex121.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement of computation of ratios of earnings to fixed charges

Exhibit 12.1

 

      Fiscal Year Ended December 31,  

(in thousands)

    2009     2008     2007     2006     2005  

Earnings:

           

Pretax income (loss) from continuing operations

    $ 23,496      $ (244,188 )    $ (163,940 )    $ (75,874 )    $ (52,561 ) 

Plus: Fixed charges

      269,424        245,469        202,734        93,751        28,586   

Plus: Amortization of capitalized interest

      4,688        1,363        —          —          —     

Less: Interest capitalized

      (26,129 )      (98,333 )      (83,374 )      (26,499 )      (6,096 ) 
                                        
     271,479        (95,689 )      (44,580 )      (8,622 )      (30,071 ) 

Fixed Charges:

           

Interest expense on indebtedness

      243,295        147,136        119,360        67,252        22,490   

Interest capitalized

      26,129        98,333        83,374        26,499        6,096   
                                        

Total fixed charges

    $ 269,424      $ 245,469      $ 202,734      $ 93,751      $ 28,586   

Ratio of earnings to fixed charges

      1.01x        —          —          —          —     

Coverage deficiency

      —        $ (341,158 )    $ (247,314 )    $ (102,373 )    $ (58,657 )