| Year ended December 31, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Earnings: |
||||||||||||||||||||
Pre-tax income or loss from operations
before adjustment for income or loss from
equity investees |
$ | (42,360 | ) | (267,262 | ) | (24,378 | ) | 74,469 | 74,194 | |||||||||||
Fixed charges |
22,367 | 50,767 | 42,002 | 19,264 | 11,099 | |||||||||||||||
Add: Amortization of capitalized interest |
326 | 17,949 | 15,358 | 8,959 | 9,872 | |||||||||||||||
Distributed income from equity investees |
400 | 267 | 754 | 447 | 9,744 | |||||||||||||||
Capitalized interest |
(11,500 | ) | (46,960 | ) | (42,002 | ) | (19,264 | ) | (10,840 | ) | ||||||||||
| $ | (30,767 | ) | (245,239 | ) | (8,266 | ) | 83,875 | 94,069 | ||||||||||||
Fixed charges: |
||||||||||||||||||||
Interest expense |
$ | 10,867 | 3,807 | — | — | 259 | ||||||||||||||
Interest capitalized |
11,500 | 46,960 | 42,002 | 19,264 | 10,840 | |||||||||||||||
| $ | 22,367 | 50,767 | 42,002 | 19,264 | 11,099 | |||||||||||||||
Ratio of earnings to fixed charges |
— | — | — | 4.35 | 8.48 | |||||||||||||||
Deficiency |
$ | 53,134 | 296,006 | 50,268 | — | — | ||||||||||||||