Exhibit 12.1 | ||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars, except ratios) | Six Months Ended June 30, 2011 | Year End December 31, 2010 | Year End December 31, 2009 | Year End December 31, 2008 | Year End December 31, 2007 | Year End December 31, 2006 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax income (loss) before income (loss) from equity investees | $ | 20,921 | $ | 305,891 | $ | 256,236 | $ | (174,086 | ) | $ | 302,827 | $ | 217,988 | |||||||||||
Fixed charges | 20,267 | 30,556 | 23,260 | 37,462 | 43,562 | 14,503 | ||||||||||||||||||
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Total (Loss) Earnings | $ | (654 | ) | $ | 336,447 | $ | 279,496 | $ | (136,624 | ) | $ | 346,389 | $ | 232,491 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest and amortization on indebtedness | $ | 19,114 | 28,467 | 21,453 | 36,143 | 42,702 | 13,832 | |||||||||||||||||
Rental expense at 33.3% (1) | 1,153 | 2,089 | 1,807 | 1,319 | 860 | 671 | ||||||||||||||||||
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Total Fixed Charges | $ | 20,267 | $ | 30,556 | $ | 23,260 | $ | 37,462 | $ | 43,562 | $ | 14,503 | ||||||||||||
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Ratio of Earnings to Fixed Charges | (0.03 | ) | 11.0 | 12.0 | (3.7 | ) | 8.0 | 16.0 | ||||||||||||||||
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Deficiency | $ | (20,921 | ) | N/A | N/A | $ | (174,086 | ) | N/A | N/A | ||||||||||||||
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(1) | 33.3% represents a reasonable approximation of the interest factor |