Exhibit 12.1
Computation of Ratio of Earning to fixed charges and
Earnings to fixed charges and preferred stock dividends
(Dollars in thousands, except ratios)
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| For the Years Ended December 31, |
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| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Earnings: |
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Net income (loss) before equity in earnings from joint ventures and unconsolidated subsidiaries and other items |
| $ | (775,900 | ) | $ | (302,175 | ) | $ | 169,174 |
| $ | 298,032 |
| $ | 242,150 |
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Add: Fixed Charges as calculated below |
| 485,624 |
| 671,304 |
| 635,277 |
| 433,609 |
| 314,865 |
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Add: Distributions of earnings of joint ventures |
| 36,766 |
| 48,196 |
| 49,486 |
| 13,276 |
| 6,672 |
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Less: Capitalized interest |
| (263 | ) | (2,501 | ) | (3,994 | ) | (1,917 | ) | (788 | ) | |||||
Total earnings |
| $ | (253,773 | ) | $ | 414,824 |
| $ | 849,943 |
| $ | 743,000 |
| $ | 562,899 |
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Fixed charges: |
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Interest expense (1) |
| $ | 481,116 |
| $ | 666,706 |
| $ | 629,272 |
| $ | 429,807 |
| $ | 313,053 |
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Add: Capitalized interest |
| 263 |
| 2,501 |
| 3,994 |
| 1,917 |
| 788 |
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Implied interest component on the company’s rent obligations |
| 4,245 |
| 2,097 |
| 2,011 |
| 1,885 |
| 1,024 |
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Fixed charges |
| $ | 485,624 |
| $ | 671,304 |
| $ | 635,277 |
| $ | 433,609 |
| $ | 314,865 |
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Preferred dividend requirements |
| 42,320 |
| 42,320 |
| 42,320 |
| 42,320 |
| 42,320 |
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Fixed charges and preferred stock dividends |
| $ | 527,944 |
| $ | 713,624 |
| $ | 677,597 |
| $ | 475,929 |
| $ | 357,185 |
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Earnings to fixed charges |
| (0.5 | )x | 0.6 | x | 1.3 | x | 1.7 | x | 1.8 | x | |||||
Earnings to fixed charges and preferred stock dividends |
| (0.5 | )x | 0.6 | x | 1.3 | x | 1.6 | x | 1.6 | x |
Explanatory Note:
(1) For the years ended December 31, 2007, 2006, and 2005, interest expense includes $12, $194 and $247, respectively, of interest expense reclassified to discontinued operations.