EXHIBIT 12.1
STATEMENT REGARDING CALCULATION OF RATIOS
Years Ended December 31, | |||||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before income taxes | $ | 2,659 | $ | (14,512 | ) | $ | (129,741 | ) | $ | (53,161 | ) | $ | (165,709 | ) | |||||
Add: fixed charges | 10,190 | 10,370 | 13,176 | 10,083 | 15,992 | ||||||||||||||
Less: capitalized interest | — | (531 | ) | (2,245 | ) | (3,786 | ) | (3,911 | ) | ||||||||||
Earnings | $ | 12,849 | $ | (4,673 | ) | $ | (118,810 | ) | $ | (46,864 | ) | $ | (153,628 | ) | |||||
Fixed Charges: | |||||||||||||||||||
Interest expensed and capitalized | $ | 9,709 | $ | 9,677 | $ | 12,015 | $ | 8,814 | $ | 14,088 | |||||||||
Estimated interest portion of rent expense | 481 | 693 | 1,161 | 1,269 | 1,904 | ||||||||||||||
Fixed charges | $ | 10,190 | $ | 10,370 | $ | 13,176 | $ | 10,083 | $ | 15,992 | |||||||||
Ratio of earnings to fixed charges(1) | 1.26 | N/A | N/A | N/A | N/A | ||||||||||||||
Earnings insufficiency | $ | (15,043 | ) | $ | (131,986 | ) | $ | (56,947 | ) | $ | (169,620 | ) |
(1) | Loss before income taxes for the years ended December 31, 2002, 2003 and 2004 and 2005 was not sufficient to cover fixed charges by a total of approximately $15.0 million in 2002, $132.0 million in 2003, $56.9 million in 2004 and $169.6 million in 2005. As a result, the ratio of earnings to fixed charges has not been computed for any of these periods. |