Exhibit 12.1
Statement of Computation of Ratios
Year Ended December 31, | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||
Inception (August 25, 2006) through December 31, 2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net loss before income taxes | $ | (5,399 | ) | $ | (27,680 | ) | $ | (45,570 | ) | $ | (45,889 | ) | $ | (73,554 | ) | $ | (60,179 | ) | ||||||
Add: Fixed charges | 6 | 426 | 1,816 | 9,305 | 10,179 | 5,083 | ||||||||||||||||||
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Earnings as defined | $ | (5,393 | ) | $ | (27,254 | ) | $ | (43,754 | ) | $ | (36,584 | ) | $ | (63,375 | ) | $ | (55,096 | ) | ||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed | 0 | 377 | 1,718 | 9,188 | 10,013 | 4,984 | ||||||||||||||||||
Estimated interest component of rent expenses | 6 | 49 | 98 | 117 | 166 | 99 | ||||||||||||||||||
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Total fixed charges | 6 | 426 | 1,816 | 9,305 | 10,179 | 5,083 | ||||||||||||||||||
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Ratio of earnings to fixed charges(1) | — | — | — | — | — | — | ||||||||||||||||||
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(1) | Earnings were insufficient to cover fixed charges by approximately $5.4 million, $27.7 million, $45.6 million, $45.9 million, $73.6 million and $60.2 million for the period from inception (August 25, 2006) through December 31, 2006, for the years ended December 31, 2007, 2008, 2009 and 2010, and for the nine months ended September 30, 2011, respectively. The ratio of earnings to fixed charges was less than one-to-one for each of the periods presented. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we do not have any preferred stock outstanding as of the date of this prospectus. |