Exhibit 12.1
| For the Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 139,673 | (a) | $ | 122,576 | (a) | $ | 243,818 | (b) | $ | 239,343 | (b) | $ | 186,137 | (b) | $ | 138,282 | (b) | $ | 117,185 | ||||||||
Interest component of rent | 267 | 199 | 510 | 872 | 1,052 | 800 | 767 | |||||||||||||||||||||
Capitalized interest | 6,607 | 784 | 3,052 | 1,265 | — | 365 | 1,987 | |||||||||||||||||||||
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Total | $ | 146,547 | $ | 123,559 | $ | 247,380 | $ | 241,480 | $ | 187,189 | $ | 139,447 | $ | 119,939 | ||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Pretax (loss) income from continuing operations (c) | $ | 500,941 | $ | (99,295 | ) | $ | 102,139 | $ | (256,115 | ) | $ | (1,785,326 | ) | $ | (1,481,006 | ) | $ | 75,373 | ||||||||||
Fixed charges | 146,547 | 123,559 | 247,380 | 241,480 | 187,189 | 139,447 | 119,939 | |||||||||||||||||||||
Less: interest capitalized in current period | (6,607 | ) | (784 | ) | (3,052 | ) | (1,265 | ) | — | (365 | ) | (1,987 | ) | |||||||||||||||
Add: previously capitalized interest amortized in current period | 409 | 159 | 377 | 246 | 222 | 481 | 197 | |||||||||||||||||||||
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Total | $ | 641,290 | $ | 23,639 | $ | 346,844 | $ | (15,654 | ) | $ | (1,597,915 | ) | $ | (1,341,443 | ) | $ | 193,522 | |||||||||||
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Ratio of Earnings to Fixed Charges | 4.4 | — | 1.4 | — | — | — | 1.6 | |||||||||||||||||||||
Insufficient coverage | $ | — | $ | 99,920 | $ | — | $ | 257,134 | $ | 1,785,104 | $ | 1,480,890 | $ | — | ||||||||||||||
| (a) | Interest expense for the six month periods ended June 30, 2012 and 2011 exclude the effects of ($3.6) million and ($1.4) million in unrealized (gains), respectively, on interest rate swaps. |
| (b) | Interest expense for the year ended December 31, 2011, 2010, 2009 and 2008 excludes the effect of ($6.2) million, $8.4 million, $(0.4) million and $8.7 million unrealized (gain) loss, respectively, on interest rate swaps. |
| (c) | Excludes undistributed income from equity investees. |