Exhibit 12.1
Calculating Ratio of Earnings to Fixed Charges: (in thousands) | Six months ended June 30, 2008 | Year Ended December 31, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||
Earnings | ||||||||||||||||||
Pre tax income | 46,632 | 36,955 | 130,077 | 774 | 24,913 | 1,163 | ||||||||||||
Fixed charges | 60,660 | 61,104 | 42,788 | 27,790 | 9,265 | 2,589 | ||||||||||||
Amortization of capitalized interest | 346 | 567 | 262 | 127 | 82 | — | ||||||||||||
Less interest capitalized | (26,925 | ) | (23,335 | ) | (3,622 | ) | (3,534 | ) | (11 | ) | (1,721 | ) | ||||||
80,713 | 75,291 | 169,505 | 25,157 | 34,249 | 2,031 | |||||||||||||
Fixed Charges | ||||||||||||||||||
Interest expensed, includes amortization of discounts related to debt and amortization of capitalized expenses related to debt | 26,314 | 33,376 | 37,871 | 7,609 | 8,892 | 839 | ||||||||||||
Loss on extinguishment of debt | — | — | — | 15,744 | — | — | ||||||||||||
Interest capitalized | 26,925 | 23,335 | 3,622 | 3,534 | 11 | 1,721 | ||||||||||||
Estimate of interest within rental expense | 7,421 | 4,393 | 1,295 | 903 | 362 | 29 | ||||||||||||
60,660 | 61,104 | 42,788 | 27,790 | 9,265 | 2,589 | |||||||||||||
Ratio of Earnings to Fixed Charges | 1.33 | 1.23 | 3.96 | 0.91 | 3.70 | 0.78 |