Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
| Successor | Predecessor | |||||||||||||||||||||||||
| Period from | Period from | |||||||||||||||||||||||||
| February 25 | January 1 | |||||||||||||||||||||||||
| through | through | |||||||||||||||||||||||||
| December 31, | February 24, | Year Ended December 31, | ||||||||||||||||||||||||
| 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||
(Loss) income before (provision) benefit from income taxes | $ | (6,850 | ) | $ | 228,497 | $ | (192,888 | ) | $ | (135,867 | ) | $ | (122,861 | ) | $ | (163,676 | ) | |||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest incurred | 30,526 | 7,145 | 61,464 | 62,791 | 48,782 | 66,748 | ||||||||||||||||||||
Interest capitalized | (21,399 | ) | (4,638 | ) | (36,935 | ) | (39,138 | ) | (12,880 | ) | (42,308 | ) | ||||||||||||||
Amortization of capitalized interest in cost of sales | 27,791 | 1,360 | 18,082 | 16,762 | 17,978 | 37,907 | ||||||||||||||||||||
Portion of rent expense considered to be interest | 858 | 234 | 1,456 | 1,472 | 1,117 | 1,700 | ||||||||||||||||||||
Non-cash impairment charge | — | — | 128,314 | 111,860 | 45,269 | 135,311 | ||||||||||||||||||||
Gain on reorganization | — | (241,269 | ) | — | — | — | — | |||||||||||||||||||
Loss (gain) on extinguishment of debt | 1,104 | — | — | (5,572 | ) | (78,144 | ) | (54,044 | ) | |||||||||||||||||
Cash distributions of income from unconsolidated joint ventures | — | — | 685 | — | — | 816 | ||||||||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | — | — | (3,605 | ) | (916 | ) | 420 | 3,877 | ||||||||||||||||||
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Earnings (loss) | $ | 32,030 | $ | (8,671 | ) | $ | (23,427 | ) | $ | 11,392 | $ | (100,319 | ) | $ | (13,669 | ) | ||||||||||
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Interest incurred | $ | 30,526 | $ | 7,145 | $ | 61,464 | $ | 62,791 | $ | 48,782 | $ | 66,748 | ||||||||||||||
Portion of rent expense considered to be interest | 858 | 234 | 1,456 | 1,472 | 1,117 | 1,700 | ||||||||||||||||||||
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Fixed charges | $ | 31,384 | $ | 7,379 | $ | 62,920 | $ | 64,263 | $ | 49,899 | $ | 68,448 | ||||||||||||||
Preferred stock dividends | 2,743 | — | — | — | — | — | ||||||||||||||||||||
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Total fixed charges and preferred stock dividends | $ | 34,127 | $ | 7,379 | $ | 62,920 | $ | 64,263 | $ | 49,899 | $ | 68,448 | ||||||||||||||
Ratio of earnings (loss) to fixed charges | 1.02 | — | — | — | — | — | ||||||||||||||||||||
Coverage deficiency | $ | — | $ | (16,050 | ) | $ | (86,347 | ) | $ | (52,871 | ) | $ | (150,218 | ) | $ | (82,117 | ) | |||||||||
Ratio of earnings (loss) to fixed charges and preferred stock dividends | — | — | — | — | — | — | ||||||||||||||||||||
Coverage deficiency | $ | (2,097 | ) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
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