Exhibit 12.1
Year Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense (a) | $ | 138,282 | $ | 117,185 | $ | 16,904 | $ | 5,277 | $ | 1,678 | ||||||||||
Interest component of rent | 800 | 767 | 367 | 367 | 267 | |||||||||||||||
Capitalized interest | 365 | 1,987 | 1,378 | — | — | |||||||||||||||
Total | $ | 139,447 | $ | 119,939 | $ | 18,649 | $ | 5,644 | $ | 1,945 | ||||||||||
Earnings: | ||||||||||||||||||||
Pretax income from continuing operations (b) | $ | (1,481,006 | ) | $ | 75,373 | $ | 20,890 | $ | 28,245 | $ | 18,866 | |||||||||
Fixed charges | 139,447 | 119,939 | 18,649 | 5,644 | 1,945 | |||||||||||||||
Less: interest capitalized in current period | (365 | ) | (1,987 | ) | (1,378 | ) | — | — | ||||||||||||
Add: previously capitalized interest amortized in current period | 481 | 197 | — | — | — | |||||||||||||||
Total | $ | (1,341,443 | ) | $ | 193,522 | $ | 38,161 | $ | 33,889 | $ | 20,811 | |||||||||
Ratio of Earnings to Fixed Charges | — | 1.6 | 2.0 | 6.0 | 10.7 | |||||||||||||||
Insufficient coverage | $ | 1,480,890 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Fixed charges | $ | 139,447 | $ | 119,939 | $ | 18,649 | $ | 5,644 | $ | 1,945 | ||||||||||
Preferred dividends (c) | 16,232 | 63,337 | 5,551 | 2 | 3 | |||||||||||||||
Total | $ | 155,679 | $ | 183,276 | $ | 24,199 | $ | 5,645 | $ | 1,948 | ||||||||||
Earnings | $ | (1,341,443 | ) | $ | 193,522 | $ | 38,161 | $ | 33,889 | $ | 20,811 | |||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends | — | 1.1 | 1.6 | 6.0 | 10.7 | |||||||||||||||
Insufficient coverage | $ | 1,497,122 | $ | — | $ | — | $ | — | $ | — |
(a) | Interest expense for the year ended December 31, 2008 excludes the effect of $8.7 million unrealized loss on interest rate swap. | |
(b) | Excludes undistributed income from equity investees. | |
(c) | Preferred dividends are presented on a pre-tax basis. |