Exhibit 12.1
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Equity Distributions
(amounts in thousands)
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| Nine Months ended |
| Year ended |
| Nine Months ended |
| Year ended December |
| Year ended December |
| Year ended December |
| Year ended December |
| Year ended |
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Earnings (loss): |
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Income (loss) before equity in income of unconsolidated affiliate and income tax expense |
| $ | 267,669 |
| $ | 326,083 |
| $ | 249,435 |
| $ | 371,766 |
| $ | 77,220 |
| $ | (1,077,601 | ) | $ | 205,000 |
| 120,868 |
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Add: Fixed charges from below |
| 161,919 |
| 183,067 |
| 136,629 |
| 156,852 |
| 289,374 |
| 564,614 |
| 617,504 |
| 430,384 |
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Total earnings (loss) before equity in income of unconsolidated affiliate, income tax expense, and fixed charges |
| $ | 429,588 |
| $ | 509,150 |
| $ | 386,064 |
| $ | 528,618 |
| $ | 366,594 |
| $ | (512,987 | ) | $ | 822,504 |
| 551,252 |
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Fixed charges: |
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Interest expenses |
| $ | 161,919 |
| $ | 183,067 |
| $ | 136,629 |
| $ | 156,852 |
| $ | 289,374 |
| $ | 564,614 |
| $ | 617,504 |
| 430,384 |
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Total fixed charges |
| $ | 161,919 |
| $ | 183,067 |
| $ | 136,629 |
| $ | 156,852 |
| $ | 289,374 |
| $ | 564,614 |
| $ | 617,504 |
| 430,384 |
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Ratio of earnings (loss) to fixed charges |
| 2.7 |
| 2.8 |
| 2.8 |
| 3.4 |
| 1.3 |
| * |
| 1.3 |
| 1.3 |
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* Losses exceeded fixed charges by approximately $513.0 million for the year ended December 31, 2008. The coverage deficiency for total fixed charges for the year ended December 31, 2008 was $1,077.6 million to arrive at a one-to-one ratio.