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Year Ended
December 31,
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Nine Months
Ended
September
30,
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2003
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2004
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2005
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2006
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2007
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2007
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2008
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Earnings:
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Pretax income
(loss) from continuing operations
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$ | (18,948 | ) | $ | (37,331 | ) | $ | 21,298 | $ | (88,239 | ) | $ | 114,341 | $ | 80,233 | $ | 23,563 | |||||||||||
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Fixed
charges
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51,346 | 65,546 | 69,875 | 69,366 | 70,151 | 52,460 | 54,562 | |||||||||||||||||||||
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Capitalized
interest
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(37,516 | ) | (25,087 | ) | (6,935 | ) | (1,378 | ) | (4,567 | ) | (2,965 | ) | (7,575 | ) | ||||||||||||||
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Total
Earnings (1)
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$ | (5,118 | ) | $ | 3,128 | $ | 84,238 | $ | (20,251 | ) | $ | 179,925 | $ | 129,728 | $ | 70,550 | ||||||||||||
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Fixed charges
(2):
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Interest and
debt expense
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$ | 13,691 | $ | 40,320 | $ | 62,678 | $ | 67,726 | $ | 65,322 | $ | 49,299 | $ | 46,789 | ||||||||||||||
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1/3 of rent
expense - interest factor (3)
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139 | 139 | 262 | 262 | 262 | 196 | 198 | |||||||||||||||||||||
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Capitalized
interest
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37,516 | 25,087 | 6,935 | 1,378 | 4,567 | 2,965 | 7,575 | |||||||||||||||||||||
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Total fixed
charges (4)
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$ | 51,346 | $ | 65,546 | $ | 69,875 | $ | 69,366 | $ | 70,151 | $ | 52,460 | $ | 54,562 | ||||||||||||||
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Ratio
of earnings to fixed charges
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- | - | 1.21 | - | 2.56 | 2.47 | 1.29 | |||||||||||||||||||||
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Deficiency
in earnings available to cover fixed charges (5)
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$ | (56,464 | ) | $ | (62,418 | ) | $ | - | $ | (89,617 | ) | $ | - | $ | - | $ | - | |||||||||||
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(1)
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For purposes
of the calculation, earnings represents pretax income from continuing
operations plus fixed charges less capitalized
interest.
|
|
(2)
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There were no
preference securities outstanding during the periods
shown.
|
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(3)
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This is the
portion of operating lease rental expense deemed to represent the interest
factor.
|
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(4)
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For purposes
of this calculation, fixed charges represent interest expense from
continuing operations, including amortizaiton of deferred debt issuance
costs, plus the
portion of operating lease rental expense that management considers
representative of the interest factor, plus capitalized
interest.
|
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(5)
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Included if
ratio indicates less than one-to-one
coverage.
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