Exhibit 12.1
Statement of Computation of Ratios
Ratio of earnings to fixed charges is computed by dividing income before taxes and fixed charges by fixed charges. Fixed charges consist of interest charges, capitalized interest and amortization of debt issuance costs.
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| Fiscal Years Ending December 31, |
| Three Months Ending |
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| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2008 |
| 2007 |
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Income (loss) before income taxes |
| $ | 20,745 |
| $ | 21,728 |
| $ | 6,143 |
| $ | (8,256 | ) | $ | 6,828 |
| $ | 8,195 |
| $ | 1,200 |
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Less: Capitalized interest |
| 1,172 |
| 1,494 |
| 3,703 |
| 1,826 |
| 760 |
| 501 |
| 18 |
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Add: |
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Interest expense |
| 25,835 |
| 26,658 |
| 25,972 |
| 22,688 |
| 18,883 |
| 6,744 |
| 6,405 |
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Debt issuance cost amortization |
| 1,552 |
| 966 |
| 1,772 |
| 1,436 |
| 1,157 |
| 362 |
| 394 |
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Earnings (loss) as defined |
| $ | 46,960 |
| $ | 47,858 |
| $ | 30,184 |
| $ | 14,042 |
| $ | 26,108 |
| $ | 14,800 |
| $ | 7,981 |
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Interest expense |
| $ | 25,835 |
| $ | 26,658 |
| $ | 25,972 |
| $ | 22,688 |
| $ | 18,883 |
| $ | 6,744 |
| $ | 6,405 |
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Debt issuance amortization |
| 1,552 |
| 966 |
| 1,772 |
| 1,436 |
| 1,157 |
| 362 |
| 394 |
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Fixed charges as defined |
| $ | 27,387 |
| $ | 27,624 |
| $ | 27,744 |
| $ | 24,124 |
| $ | 20,040 |
| $ | 7,106 |
| $ | 6,799 |
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Ratio of earnings to fixed charges |
| 1.71x |
| 1.73x |
| 1.09x |
| 0.58x* |
| 1.30x |
| 2.08x |
| 1.17x |
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* For the fiscal year ended December 31, 2004, fixed charges exceeded earnings by approximately $10.1 million.
