EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our consolidated ratio of earnings to fixed charges for the periods shown:
| Six Months | ||||||||||||||||||||||||
| Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
| (dollars in thousands) | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Ratio of earnings to fixed charges(1): | ||||||||||||||||||||||||
| Earnings from continuing operations before fixed charges: | ||||||||||||||||||||||||
| Income from continuing operations before income taxes, minority interest and income / loss from equity investees | $ | 93,868 | $ | 116,857 | $ | (100,793 | ) | $ | 518,006 | $ | 420,253 | $ | 285,038 | |||||||||||
| Amortization of capitalized interest | 909 | 1,596 | 1,270 | 854 | 422 | 362 | ||||||||||||||||||
| Distributed income of equity investees | 1,537 | 11,150 | 6,006 | 17,272 | — | — | ||||||||||||||||||
| Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||
| Adjusted pre-tax earnings from continuing operations | 96,314 | 129,603 | (93,517 | ) | 536,132 | 420,675 | 285,400 | |||||||||||||||||
| Fixed charges less capitalized interest | 31,869 | 57,377 | 50,906 | 46,684 | 48,436 | 23,867 | ||||||||||||||||||
| Earnings from continuing operations before fixed charges: | $ | 128,183 | $ | 186,980 | $ | (42,611 | ) | $ | 582,816 | $ | 469,111 | $ | 309,267 | |||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expenses, net of capitalized interest | $ | 19,169 | $ | 33,423 | $ | 29,162 | $ | 26,721 | $ | 29,739 | $ | 21,629 | ||||||||||||
| Capitalized Interest | 2,479 | 2,737 | 2,912 | 3,110 | 1,486 | 924 | ||||||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 12,700 | 23,954 | 21,744 | 19,963 | 18,697 | 2,238 | ||||||||||||||||||
| Total fixed charges | $ | 34,348 | $ | 60,114 | $ | 53,818 | $ | 49,794 | $ | 49,922 | $ | 24,791 | ||||||||||||
Ratio of earnings to fixed charges(2) | 3.73 | 3.11 | (0.79 | ) | 11.70 | 9.40 | 12.47 | |||||||||||||||||
Notes
| (1) | The ratio was computed by dividing earnings by fixed charges. For this purpose, “earnings” represent the aggregate of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, amortization of capitalized interest, distributed income of equity investees, our share of pre-tax losses of equity investees, and fixed charges less capitalized interest. | |
| (2) | The ratio for the year ended December 31, 2009 indicates less than one-to-one coverage. The amount of this deficiency equates to $96.4 million. |