Exhibit 12.1
| Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2007 | 2008 | ||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
| (Loss) income before income taxes | $ | 22,193 | $ | 18,830 | $ | 27,861 | $ | 21,857 | $ | 79,745 | $ | 24,153 | $ | (118,353 | ) | |||||||||||||
| Fixed charges | 1,208 | 1,678 | 5,278 | 18,282 | 119,172 | 61,022 | 58,210 | |||||||||||||||||||||
| Earnings | $ | 23,401 | $ | 20,508 | $ | 33,139 | $ | 40,139 | $ | 198,917 | $ | 85,175 | $ | (60,143 | ) | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
| Interest expense (a) | $ | 1,208 | $ | 1,678 | $ | 5,277 | $ | 16,904 | $ | 117,185 | $ | 60,108 | $ | 57,845 | ||||||||||||||
| Capitalized interest | — | — | — | 1,378 | 1,987 | 914 | 365 | |||||||||||||||||||||
| Preferred stock dividend | — | — | 1 | — | — | — | — | |||||||||||||||||||||
| Fixed charges | $ | 1,208 | $ | 1,678 | $ | 5,278 | $ | 18,282 | $ | 119,172 | $ | 61,022 | $ | 58,210 | ||||||||||||||
| Ratio of Earnings to Fixed Charges | 19.4 | 12.2 | 6.3 | 2.2 | 1.7 | 1.4 | -1.0 | |||||||||||||||||||||
| Insufficient Coverage | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 118,353 | ||||||||||||||
| (a) | Interest expense for the six months ended June 30, 2008 excludes the effect of $10.5 million gain on interest rate swap. |