Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
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| | | Nine Months
Ended
September 30,
2010 | | | Years Ended December 31, | |
| | | | 2009 | | | 2008 | | | 2007 | | | 2006 | | | 2005 | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income tax expense(1)(2)(3) | | $ | (29,685 | ) | | $ | (21,434 | ) | | $ | (510,896 | ) | | $ | (116,728 | ) | | $ | (1,551 | ) | | $ | 14,560 | |
Fixed charges | | | 81,357 | | | | 109,272 | | | | 96,703 | | | | 66,483 | | | | 28,440 | | | | 15,066 | |
Adjustment to net distributed income of equity investee | | | 4,139 | | | | 268 | | | | — | | | | — | | | | — | | | | — | |
Interest capitalized | | | (787 | ) | | | (2,783 | ) | | | (8,872 | ) | | | (3,259 | ) | | | (2,636 | ) | | | (217 | ) |
Amortization of previously capitalized interest | | | 456 | | | | 581 | | | | 309 | | | | 123 | | | | 34 | | | | — | |
Non-controlling interest | | | (3,338 | ) | | | (3,176 | ) | | | 22,781 | | | | 3,940 | | | | — | | | | — | |
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Total | | $ | 52,142 | | | $ | 82,729 | | | $ | (399,975 | ) | | $ | (49,441 | ) | | $ | 24,287 | | | $ | 29,409 | |
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Fixed Charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest cost and debt expense | | $ | 78,402 | | | $ | 103,658 | | | $ | 84,843 | | | $ | 61,256 | | | $ | 24,572 | | | $ | 14,175 | |
Interest capitalized | | | 787 | | | | 2,783 | | | | 8,872 | | | | 3,259 | | | | 2,636 | | | | 214 | |
Interest allocable to rental expense(4) | | | 2,168 | | | | 2,831 | | | | 2,988 | | | | 1,698 | | | | 1,232 | | | | 674 | |
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Total fixed charges | | | 81,357 | | | | 109,272 | | | | 96,703 | | | | 66,483 | | | | 28,440 | | | | 15,066 | |
Preferred dividends | | | 240 | | | | 900 | | | | 2,274 | | | | 6,250 | | | | 1,898 | | | | — | |
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Total fixed charges and preferred dividends | | $ | 81,597 | | | $ | 110,172 | | | $ | 98,977 | | | $ | 72,733 | | | $ | 30,338 | | | $ | 15,066 | |
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Ratio of earnings to fixed charges | | | — | (5) | | | — | (6) | | | — | (7) | | | — | (8) | | | — | (9) | | | 2.0x | |
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Ratio of earnings to fixed charges and preferred dividends | | | — | (10) | | | — | (11) | | | — | (12) | | | — | (13) | | | — | (14) | | | 2.0x | |
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| (1) | Includes a non-cash gain recognized on derivatives of $18.6 million for the nine months ended September 30, 2010. |
| (2) | Includes a gain on asset sales of $108.9 million, a non-cash loss recognized on derivatives of $74.6 million, a $10.3 million non-cash impairment charge to goodwill and other assets and a non-recurring cash derivative unwind expense of $5.0 million for the year ended December 31, 2009. |
| (3) | Includes a $615.7 million non-cash impairment charge to goodwill and other assets, a $113.6 million non-cash gain recognized on derivatives, a $19.9 million gain from the Partnership’s repurchase of approximately $60.0 million in face amount of its senior unsecured notes for an aggregate purchase price of approximately $40.1 million, and a net $101.7 million cash derivative expense related to the early termination of certain derivative contracts for the year ended December 31, 2008. |
| (4) | Represents one-third of the total operating lease rental expense, which is that portion deemed to be interest. |
| (5) | Our earnings were insufficient to cover our fixed charges by $29.2 million for this period. |
| (6) | Our earnings were insufficient to cover our fixed charges by $26.5 million for this period. |
| (7) | Our earnings were insufficient to cover our fixed charges by $496.7 million for this period. |
| (8) | Our earnings were insufficient to cover our fixed charges by $115.9 million for this period. |
| (9) | Our earnings were insufficient to cover our fixed charges by $4.2 million for this period. |
| (10) | Our earnings were insufficient to cover our fixed charges and preferred dividends by $29.5 million for this period. |
| (11) | Our earnings were insufficient to cover our fixed charges and preferred dividends by $27.4 million for this period. |
| (12) | Our earnings were insufficient to cover our fixed charges and preferred dividends by $499.0 million for this period. |
| (13) | Our earnings were insufficient to cover our fixed charges and preferred dividends by $122.2 million for this period. |
| (14) | Our earnings were insufficient to cover our fixed charges and preferred dividends by $6.1 million for this period. |
