Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
| 2004 | 2005 | 2006 | 2007 | 2008 | 2008 | 2009 | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income before income taxes | $ | 111,890 | $ | 326,102 | $ | 90,523 | $ | 223,501 | $ | 279,424 | $ | 66,187 | $ | 72,309 | ||||||||||||||
Fixed charges | 70,724 | 114,965 | 202,074 | 290,209 | 309,033 | 75,976 | 95,053 | |||||||||||||||||||||
Amortization of capitalized interest | 90 | 408 | 843 | 2,388 | 6,041 | 1,223 | 2,041 | |||||||||||||||||||||
Capitalized interest | (2,919 | ) | (3,564 | ) | (17,503 | ) | (34,867 | ) | (64,160 | ) | (15,286 | ) | (15,394 | ) | ||||||||||||||
Total earnings available for fixed charges: | $ | 179,785 | $ | 437,911 | $ | 275,937 | $ | 481,231 | $ | 530,338 | $ | 128,100 | $ | 154,009 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense(1) | $ | 19,030 | $ | 58,033 | $ | 115,985 | $ | 201,746 | $ | 179,398 | $ | 47,425 | $ | 58,432 | ||||||||||||||
Portion of rent expense representative of interest(2) | 12,552 | 17,202 | 28,199 | 41,392 | 65,475 | 13,265 | 21,227 | |||||||||||||||||||||
Capitalized interest | 2,919 | 3,564 | 17,503 | 34,867 | 64,160 | 15,286 | 15,394 | |||||||||||||||||||||
Net preferred stock dividends(3) | 36,223 | 36,166 | 40,387 | 12,204 | — | — | — | |||||||||||||||||||||
Total fixed charges: | $ | 70,724 | $ | 114,965 | $ | 202,074 | $ | 290,209 | $ | 309,033 | $ | 75,976 | $ | 95,053 | ||||||||||||||
Ratio of earnings to fixed charges: | 2.54x | 3.81x | 1.37x | 1.66x | 1.72x | 1.69x | 1.62x | |||||||||||||||||||||
| (1) | Interest expense includes amortization of deferred debt issuance costs and discounts related to indebtedness. |
| (2) | The portion of operating rental expense that management believes is representative of interest is estimated to be 33%. |
| (3) | Net preferred stock dividends are the company’s preferred dividend expense net of income tax benefit. |