Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Our consolidated ratio of earnings to fixed charges for each of the years in the five-year period ended December 31, 2009 and the nine months ended September 30, 2010 are as follows:
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| For the Nine |
| For the Year ended December 31, |
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Earnings: |
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Pre-tax loss from continuing operations |
| $ | (56,659 | ) | $ | (42,377 | ) | $ | (6,505 | ) | $ | (20,471 | ) | $ | (15,487 | ) | $ | (6,407 | ) |
Income from investment in Ecuador property, net of amortization |
| (611 | ) | (1,208 | ) | (718 | ) | (264 | ) | (1,403 | ) | (469 | ) | ||||||
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Pre-tax income (loss) from continuing operations before adjustment for (income) loss from equity investees, fixes charges and capitalized interest |
| (57,270 | ) | (43,585 | ) | (7,223 | ) | (20,735 | ) | (16,890 | ) | (6,876 | ) | ||||||
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Fixed charges |
| 15,404 |
| 4,419 |
| 4,220 |
| 931 |
| 16 |
| 11 |
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Distributed income from investment in Ecuador property |
| 752 |
| 1,396 |
| 905 |
| 452 |
| 1,591 |
| 598 |
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Capitalized interest |
| (6,894 | ) | (4,419 | ) | (4,220 | ) | (931 | ) | — |
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Total (loss) earnings available for fixed charges |
| $ | (48,008 | ) | $ | (42,189 | ) | $ | (6,318 | ) | $ | (20,283 | ) | $ | (15,283 | ) | $ | (6,267 | ) |
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Fixed charges: |
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Interest and debt expense |
| $ | 15,404 |
| $ | 4,419 |
| $ | 4,220 |
| $ | 931 |
| $ | 16 |
| $ | 11 |
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Total fixed charges |
| $ | 15,404 |
| $ | 4,419 |
| $ | 4,220 |
| $ | 931 |
| $ | 16 |
| $ | 11 |
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Ratio of earnings to fixed charges (1) |
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(1) Earnings (loss) available for fixed charges for the nine months ended September 30, 2010, and years ended December 31, 2009 2008, 2007, 2006 and 2005 were inadequate to cover fixed charges by $63.4 million, $46.6 million, $10.5 million, $21.2 million and $15.3 million and $6.3 million, respectively.
