Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
| Year Ended December 31, | Six Months Ended June 30, 2011 | Six Months Ended June 30, 2010 | ||||||||||||||||||||||||||
| 2010 | 2009 | 2008(1) | 2007 | 2006 | ||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 20,760 | $ | (6,169 | ) | $ | (210,870 | ) | $ | 116,498 | $ | 98,390 | $ | (15,224 | ) | $ | (21,823 | ) | ||||||||||
Fixed charges (excluding capitalized interest) | 121,971 | 107,537 | 77,307 | 58,430 | 50,954 | 52,609 | 68,863 | |||||||||||||||||||||
Amortization of capitalized interest | 4,966 | 3,476 | 2,110 | 1,040 | 405 | 6,480 | 6,483 | |||||||||||||||||||||
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Total earnings | $ | 147,697 | $ | 104,844 | $ | (131,453 | ) | $ | 175,968 | $ | 149,749 | $ | 43,865 | $ | 53,523 | |||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (including amortization of debt discount and issuance costs), net of capitalized interest | $ | 121,233 | $ | 106,849 | $ | 76,639 | $ | 57,742 | $ | 50,291 | $ | 52,219 | $ | 68,499 | ||||||||||||||
Capitalized interest | 684 | 8,964 | 14,091 | 19,879 | 8,120 | 152 | 430 | |||||||||||||||||||||
Estimated interest component of rent expense | 738 | 688 | 668 | 688 | 663 | 390 | 364 | |||||||||||||||||||||
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Total fixed charges | $ | 122,655 | $ | 116,501 | $ | 91,398 | $ | 78,309 | $ | 59,074 | $ | 52,761 | $ | 69,293 | ||||||||||||||
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Ratio of earnings to fixed charges | 1.20 | x | 0.90 | x | — | 2.25 | x | 2.53 | x | 0.83 | x | 0.77 | x | |||||||||||||||
| (1) | For the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $40,055. |