Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Ratio of Fixed Charges and Preferred Stock Dividends to Earnings
Amounts in thousands
Six months ended | Six months ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
6/30/2010 | 6/30/2009 | 12/31/2009 | 12/31/2008 | 12/31/2007 | 12/31/2006 | 12/31/2005 | |||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Add: Pre-tax income/loss from continuing operations before adjustment for noncontrolling interest or income/loss from equity investees | $ | (20,439 | ) | $ | (17,019 | ) | $ | (55,601 | ) | $ | (49,332 | ) | $ | (14,345 | ) | $ | (57,755 | ) | $ | (31,446 | ) | ||||||||
Fixed charges | 28,123 | 20,008 | 42,517 | 34,493 | 25,036 | 15,312 | 15,844 | ||||||||||||||||||||||
Amortization of capitalized interest | 2,177 | 2,177 | 4,355 | 3,336 | 1,882 | 916 | 953 | ||||||||||||||||||||||
9,861 | 5,166 | (8,729 | ) | (11,503 | ) | 12,573 | (41,527 | ) | (14,649 | ) | |||||||||||||||||||
Less: Interest capitalized | — | 1,761 | 1,761 | 4,714 | 9,277 | 7,628 | 5,495 | ||||||||||||||||||||||
Noncontrolling interest in pre-tax loss of subidiaries that have not incurred fixed charges | 39 | — | — | — | (763 | ) | (836 | ) | (7 | ) | |||||||||||||||||||
39 | 1,761 | 1,761 | 4,714 | 8,514 | 6,792 | 5,488 | |||||||||||||||||||||||
Total Earnings | $ | 9,822 | $ | 3,405 | $ | (10,490 | ) | $ | (16,217 | ) | $ | 4,059 | $ | (48,319 | ) | $ | (20,137 | ) | |||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||
Interest expensed | $ | 21,658 | $ | 15,044 | $ | 34,072 | $ | 27,277 | $ | 14,887 | $ | 7,169 | $ | 6,728 | |||||||||||||||
Interest capitalized | — | 1,761 | 1,761 | 4,714 | 9,277 | 7,628 | 5,495 | ||||||||||||||||||||||
Amortized capitalized expense related to indebtedness | 6,465 | 3,203 | 6,684 | 2,502 | 872 | 515 | 3,621 | ||||||||||||||||||||||
Total Fixed Charges | $ | 28,123 | $ | 20,008 | $ | 42,517 | $ | 34,493 | $ | 25,036 | $ | 15,312 | $ | 15,844 | |||||||||||||||
Preferred Stock Dividends | — | — | — | — | — | — | — | ||||||||||||||||||||||
Ratio of earnings to fixed charges (1) | 0.35 | 0.17 | (0.25 | ) | (0.47 | ) | 0.16 | (3.16 | ) | (1.27 | ) | ||||||||||||||||||
Ratio of fixed charges and preferred stock dividends to earnings (1) | 2.86 | 5.88 | (4.05 | ) | (2.13 | ) | 6.17 | (0.32 | ) | (0.79 | ) | ||||||||||||||||||
(1) Fixed charges in excess of earnings | $ | 18,301 | $ | 16,603 | $ | 53,007 | $ | 50,710 | $ | 20,977 | $ | 63,631 | $ | 35,981 |