Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(in thousands except ratios) (unaudited) | ||||||||||||||||||||
Income before income taxes | $ | 264,334 | $ | 129,793 | $ | (262,030 | ) | $ | (828,482 | ) | $ | 215,759 | ||||||||
Add: Fixed charges | 62,458 | 43,304 | 46,974 | 54,213 | 62,438 | |||||||||||||||
Add: Amortization of capitalized interest | 860 | 1,353 | 2,667 | 1,273 | 1,265 | |||||||||||||||
Less: Capitalized Interest | (9,877 | ) | (5,395 | ) | (6,662 | ) | (19,292 | ) | (25,100 | ) | ||||||||||
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Earnings before fixed charges | $ | 317,775 | $ | 169,055 | $ | (219,051 | ) | $ | (792,288 | ) | $ | 254,362 | ||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 52,393 | $ | 37,706 | $ | 40,087 | $ | 34,709 | $ | 37,088 | ||||||||||
Capitalized interest | 9,877 | 5,395 | 6,662 | 19,292 | 25,100 | |||||||||||||||
Portion of rental expense representative of an interest factor | 188 | 203 | 225 | 212 | 250 | |||||||||||||||
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Total fixed charges | $ | 62,458 | $ | 43,304 | $ | 46,974 | $ | 54,213 | $ | 62,438 | ||||||||||
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Ratio of earnings to fixed charges | 5.1 | 3.9 | — | (1) | — | (2) | 4.1 | |||||||||||||
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(1) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2009 by $266.0 million. Earnings for the year ended December 31, 2009 included an impairment write down of $218.9 million. |
(2) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2008 by $846.5 million. Earnings for the year ended December 31, 2008 included an impairment write down of $1,182.8 million. |