EX-12.1 6 a2207444zex-12_1.htm EX-12.1

Exhibit 12.1: Computation of Ratio of Earnings to Fixed Charges

  YEAR ENDED DECEMBER 31,   

(in thousands, except ratio)

     2007     2008     2009     2010     2011  
   

Loss from continuing operations before taxes

   $ (398,201 ) $ (378,571 ) $ (240,542 ) $ (80,497 ) $ (32,732 )

Share of distributed (income) loss of
50%-or-less-owned affiliates, net of equity pickup

     (395 )   43,926     (308 )   3,705     976  

Amortization of capitalized interest

     39,112     57,700     51,477     40,791     32,068  

Interest

     43,093     37,348     46,949     55,615     56,635  

Less interest capitalized during the period

     (57,530 )   (44,893 )   (35,931 )   (31,221 )   (38,032 )

Interest portion of rental expense

     8,564     7,114     4,354     3,733     2,360  
       

(LOSS) EARNINGS

   $ (365,357 ) $ (277,376 ) $ (174,001 ) $ (7,874 ) $ 21,275  

Interest

  
$
43,093		  
$
37,348		  
$
46,949		  
$
55,615		  
$
56,635		  

Interest portion of rental expense

     8,564     7,114     4,354     3,733     2,360  
       

FIXED CHARGES

   $ 51,657   $ 44,462   $ 51,303   $ 59,348   $ 58,995  

DEFICIENCY

  
$
(417,014
)
$
(321,838
)
$
(225,304
)
$
(67,222
)
$
(37,720
)

Ratio of earnings to fixed charges

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