Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
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| Year Ended December 31,
(dollars in thousands)
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| Six June 30, |
| Six June 30, |
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| 2011 |
| 2010 |
| 2009 |
| 2008(1) |
| 2007 |
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| 2012 |
| 2011 |
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Earnings: |
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Income (loss) before income taxes |
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| $ | 34,546 |
| $ | 20,760 |
| $ | (6,169) |
| $ | (210,870) |
| $ | 116,498 |
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| $ | 73,442 |
| $ | (15,224) |
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Fixed charges (excluding capitalized interest) |
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| 107,405 |
| 121,971 |
| 107,537 |
| 77,307 |
| 58,430 |
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| 56,129 |
| 52,609 |
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Amortization of capitalized interest |
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| 6,471 |
| 4,966 |
| 3,476 |
| 2,110 |
| 1,040 |
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| 7,988 |
| 6,467 |
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Total earnings |
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| $ | 148,422 |
| $ | 147,697 |
| $ | 104,844 |
| $ | (131,453) |
| $ | 175,968 |
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| $ | 137,559 |
| $ | 43,852 |
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Fixed charges: |
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Interest expense (including amortization of debt discount and issuance costs), net of capitalized interest |
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| $ | 106,623 |
| $ | 121,233 |
| $ | 106,849 |
| $ | 76,639 |
| $ | 57,742 |
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| $ | 55,706 |
| $ | 52,219 |
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Capitalized Interest |
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| 478 |
| 684 |
| 8,964 |
| 14,091 |
| 19,879 |
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| 472 |
| 152 |
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Estimated interest component of rent expense |
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| 782 |
| 738 |
| 688 |
| 668 |
| 688 |
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| 423 |
| 390 |
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Total fixed charges |
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| $ | 107,883 |
| $ | 122,655 |
| $ | 116,501 |
| $ | 91,398 |
| $ | 78,309 |
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| $ | 56,601 |
| $ | 52,761 |
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Ratio of earnings to fixed charges |
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| 1.38x |
| 1.20x |
| 0.90x |
| ----- |
| 2.25x |
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| 2.43x |
| 0.83x |
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(1) For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $40,055.