Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Ratio of earnings to fixed charges calculation
9 mos ended | ||||||||||||||||||||||||
9/30/2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
Income (loss) before income taxes | $ | 16,532 | $ | 59,792 | $ | 38,643 | $ | 13,728 | $ | (9,732 | ) | $ | (2,571 | ) | ||||||||||
Interest expense | $ | 23,905 | $ | 16,480 | $ | 16,660 | $ | 20,137 | $ | 30,614 | $ | 26,140 | ||||||||||||
Capitalized Interest | $ | 5,209 | $ | 6,477 | $ | 5,655 | $ | 4,577 | $ | 4,862 | $ | 5,289 | ||||||||||||
Ratio of earnings to fixed charges | 1.4 | 3.3 | 2.5 | 1.4 | 0.6 | 0.7 | ||||||||||||||||||
When we calculate our ratio of earnings to fixed charges, “earnings” are composed of the following:
• | consolidated earnings or loss from continuing operations before tax, excluding undistributed equity earnings or affiliated companies; plus | |||
• | fixed charges, excluding capitalized interest. | |||
Fixed charges are comprised of the following: | ||||
• | interest expense on indebtedness and capitalized interest; | |||
• | amortization of debt issuance costs, discounts and premiums; and | |||
• | the portion of capitalized leases deemed to be representative of interest. |