Exhibit 12.1
Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2007 | 2008 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 22,193 | $ | 18,830 | $ | 27,861 | $ | 21,857 | $ | 79,745 | $ | (29,994 | ) | $ | (87,163 | ) | ||||||||||||
Fixed charges | 1,208 | 1,678 | 5,278 | 18,282 | 119,172 | 35,835 | 26,281 | |||||||||||||||||||||
Earnings | $ | 23,401 | $ | 20,508 | $ | 33,139 | $ | 40,139 | $ | 198,917 | $ | 5,841 | $ | (60,882 | ) | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest expense (a) | $ | 1,208 | $ | 1,678 | $ | 5,277 | $ | 16,904 | $ | 117,185 | $ | 35,429 | $ | 25,978 | ||||||||||||||
Capitalized interest | — | — | — | 1,378 | 1,987 | 406 | 303 | |||||||||||||||||||||
Preferred stock dividend | — | — | 1 | — | — | — | — | |||||||||||||||||||||
Fixed charges | $ | 1,208 | $ | 1,678 | $ | 5,278 | $ | 18,282 | $ | 119,172 | $ | 35,835 | $ | 26,281 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 19.4 | 12.2 | 6.3 | 2.2 | 1.7 | 0.2 | -2.3 | |||||||||||||||||||||
Insufficient Coverage | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (29,994 | ) | $ | (87,163 | ) |
(a) | Interest expense for the three months ended March 31, 2008 excludes the effect of $0.8 unrealized gain on interest rate swap. |