Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
The following table contains our earnings to combined fixed charges and preference dividends for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference herein.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Years Ended December 31, | | | Nine Months Ended
September 30, | |
| | | 2005 | | | 2006 | | | 2007 | | | 2008 | | | 2009 | | | 2010 | |
(Dollars in Thousands) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| EARNINGS: | | | | | | | | | | | | | | | | | | | | | | | | |
Net income before taxes | | $ | 8,368 | | | $ | 12,390 | | | $ | 24,895 | | | $ | (149,650 | ) | | $ | (180,499 | ) | | $ | 2,232 | |
Fixed charges | | | 173 | | | | 1,019 | | | | 4,210 | | | | 14,466 | | | | 18,507 | | | | 15,535 | |
Capitalized interest | | | (31 | ) | | | (195 | ) | | | (122 | ) | | | (361 | ) | | | (1,760 | ) | | | (1,857 | ) |
Noncontrolling interest in net income before taxes | | | — | | | | — | | | | — | | | | — | | | | (173 | ) | | | (2,111 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Earnings | | $ | 8,510 | | | $ | 13,214 | | | $ | 28,983 | | | $ | (135,545 | ) | | $ | (163,925 | ) | | $ | 13,799 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| FIXED CHARGES | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 30 | | | $ | 794 | | | $ | 3,833 | | | $ | 10,010 | | | $ | 10,712 | | | $ | 6,776 | |
Capitalized interest | | | 31 | | | | 195 | | | | 122 | | | | 361 | | | | 1,760 | | | | 1,857 | |
Amortization of premiums and discounts related to indebtedness | | | — | | | | — | | | | — | | | | 2,424 | | | | 3,522 | | | | 4,757 | |
Loan cost amortization | | | 112 | | | | 30 | | | | 255 | | | | 1,671 | | | | 2,513 | | | | 2,145 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Charges | | $ | 173 | | | | 1,019 | | | $ | 4,210 | | | $ | 14,466 | | | $ | 18,507 | | | $ | 15,535 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| PREFERRED STOCKDIVIDENDS: | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred dividends requirement | | $ | — | | | $ | 1,799 | | | $ | 4,625 | | | $ | 4,625 | | | $ | 4,625 | | | $ | 3,469 | |
Ratio of income before provision for taxes to net income | | | 1.16 | | | | 1.38 | | | | 1.47 | | | | 1.20 | | | | 0.99 | | | | 0.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Dividends | | $ | — | | | $ | 2,483 | | | $ | 6,799 | | | $ | 5,550 | | | $ | 4,579 | | | $ | 867 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
COMBINED FIXEDCHARGES ANDPREFERRED DIVIDENDS | | $ | 173 | | | $ | 3,502 | | | $ | 11,009 | | | $ | 20,016 | | | $ | 23,086 | | | $ | 16,402 | |
| | | | | | |
RATIO OF EARNINGSTO FIXED CHARGES | | | 49.19 | | | | 12.97 | | | | 6.88 | | | | (9.37 | ) | | | (8.86 | ) | | | 0.89 | |
| | | | | | |
| INSUFFICIENT COVERAGE | | $ | — | | | $ | — | | | $ | — | | | $ | 150,011 | | | $ | 182,432 | | | $ | — | |
| | | | | | |
RATIO OF EARNINGS TOCOMBINED FIXEDCHARGES ANDPREFERRED DIVIDENDS | | | 49.19 | | | | 3.77 | | | | 2.63 | | | | (6.77 | ) | | | (7.10 | ) | | | 0.84 | |
| INSUFFICIENT COVERAGE | | $ | — | | | $ | — | | | $ | — | | | $ | 155,561 | | | $ | 187,011 | | | $ | — | |
| (1) | For purposes of determining the ratio of earnings to fixed charges and the ratio of combined fixed charges and preference dividends to earnings, earnings are defined as income before income taxes, plus fixed charges (excluding amortization of capitalized interest) less capitalized interest. Fixed charges consist of interest incurred (whether expensed or capitalized) and amortization of deferred financing costs. Preference dividends consist of dividends paid with respect to our outstanding preferred stock. |
