Exhibit 12.1
Ratio of Earnings to Fixed Charges
(In thousands)
| For the years ended December 31, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| Earnings: |
||||||||||||||||||||
| Pre-tax income from operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees |
$ | (942,661 | ) | $ | (684,578 | ) | $ | 4,597 | $ | 307,539 | $ | 196,670 | ||||||||
| Fixed charges |
131,481 | 164,596 | 141,692 | 118,218 | 91,437 | |||||||||||||||
| Plus: amortization of capitalized interest |
12,583 | 36,218 | 74,030 | 73,070 | 29,447 | |||||||||||||||
| Plus: distributed income from equity investees |
1,388 | 904 | 3 | 300 | 1,165 | |||||||||||||||
| Less: capitalized interest |
(36,603 | ) | (63,243 | ) | (96,720 | ) | (74,831 | ) | (41,466 | ) | ||||||||||
| Earnings available for fixed charges |
$ | (833,812 | ) | $ | (546,103 | ) | $ | 123,602 | $ | 424,296 | $ | 277,253 | ||||||||
| Fixed charges: |
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| Interest incurred, both expensed and capitalized |
$ | 114,994 | $ | 149,346 | $ | 129,135 | $ | 107,244 | $ | 81,790 | ||||||||||
| Debt issue cost amortization in the period |
10,051 | 4,879 | 3,356 | 3,788 | 3,461 | |||||||||||||||
| Rental expense representative of interest factor |
6,436 | 10,371 | 9,201 | 7,186 | 6,186 | |||||||||||||||
| Fixed charges |
$ | 131,481 | $ | 164,596 | $ | 141,692 | $ | 118,218 | $ | 91,437 | ||||||||||
| Ratio of earnings to fixed charges |
(a | ) | (a | ) | (a | ) | 3.59 | 3.03 | ||||||||||||
| (a) | Earnings for the years ended December 31, 2008, 2007 and 2006 were insufficient to cover fixed charges by $965,293, $710,699 and $18,090, respectively. |