Exhibit 12.1
| Year Ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 2004 | 2003 | |||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||
Net income (loss), before accrual of preferred interests | 26,224 | $ | (42,044 | ) | $ | (263,196 | ) | $ | (132,110 | ) | $ | (62,677 | ) | 241 | $ | 15,653 | |||||||||
Adjustments to net income (loss), before accrual of preferred interests for fixed charges: | |||||||||||||||||||||||||
Interest expense | 184,499 | 180,465 | 188,609 | 113,054 | 51,235 | 44,356 | 46,292 | ||||||||||||||||||
Interest portion of rent expense | 1,099 | 1,115 | 1,129 | 767 | 736 | 277 | 268 | ||||||||||||||||||
Amortization of financing costs | 3,814 | 3,013 | 2,741 | 922 | 774 | 1,115 | 929 | ||||||||||||||||||
Total fixed charges | 189,412 | 184,593 | 192,479 | 114,743 | 52,745 | 45,748 | 47,489 | ||||||||||||||||||
Earnings | 215,636 | $ | 142,549 | $ | (70,717 | ) | $ | (17,367 | ) | $ | (9,932 | ) | 45,989 | $ | 63,142 | ||||||||||
Ratio of earnings to total fixed charges | 1.1 | x | — | — | — | — | 1.0 | x | 1.3x | ||||||||||||||||