Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Pro Forma | ||||||||||||||||||||||||||||
Nine-Month | Nine-Month | |||||||||||||||||||||||||||
Period Ended | Period Ended | |||||||||||||||||||||||||||
Year Ended December 31, | September 30, | September 30, | ||||||||||||||||||||||||||
2008(1) | 2007 | 2006 | 2005 | 2004 | 2009 | 2009 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (210,870 | ) | $ | 116,498 | $ | 98,390 | $ | 104,904 | $ | 100,877 | $ | 99,656 | $ | 84,060 | |||||||||||||
Fixed charges (excluding capitalized interest) | 77,307 | 58,430 | 50,954 | 61,553 | 57,531 | 73,132 | 88,728 | |||||||||||||||||||||
Amortization of capitalized interest | 2,110 | 1,040 | 405 | 129 | 21 | 3,783 | 3,783 | |||||||||||||||||||||
Total earnings | $ | (131,453 | ) | $ | 175,968 | $ | 149,749 | $ | 166,586 | $ | 158,429 | $ | 176,571 | $ | 176,571 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (including amortization of debt discount and issuance costs), net of capitalized interest | $ | 76,639 | $ | 57,742 | $ | 50,291 | $ | 60,913 | $ | 57,003 | $ | 72,617 | $ | 88,213 | ||||||||||||||
Capitalized interest | 14,091 | 19,879 | 8,120 | 5,042 | 1,663 | 8,769 | 8,769 | |||||||||||||||||||||
Estimated interest component of rent expense | 668 | 688 | 663 | 640 | 528 | 515 | 515 | |||||||||||||||||||||
Total fixed charges | $ | 91,398 | $ | 78,309 | $ | 59,074 | $ | 66,595 | $ | 59,194 | $ | 81,901 | $ | 97,497 | ||||||||||||||
Ratio of earnings to fixed charges | — | 2.25 | x | 2.53 | x | 2.50 | x | 2.68 | x | 2.16 | x | 1.81 | x |
(1) For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $40,055.