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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PERIOD FROM
AUGUST 25, 1995
(DATE OF
INCEPTION) TO YEAR ENDED DECEMBER 31,
DECEMBER 31, ----------------------------------------------------
1995 1996 1997 1998
------------ ------------ ------------ ------------
Net loss before income taxes ...... $ (426,826) $ (1,743,635) $ (3,977,400) $(36,296,596)
------------ ------------ ------------ ------------
Fixed charges:
Interest expensed .............. - 415,357 - 32,572,454
Interest capitalized ........... - - - 362,321
------------ ------------ ------------ ------------
Interest ....................... - 415,357 - 32,934,775
Amortization of bond discount .. - - - 307,125
Interest factor or rent
expense......................... 13 1,466 38,224 129,990
------------ ------------ ------------ ------------
Total fixed charges ............... 13 416,823 38,224 33,371,890
Amortization of capitalized
interest ........................ - - - -
Interest capitalized............... - - - (362,321)
------------ ------------ ------------ ------------
Earnings (loss)before fixed
charges ......................... (426,813) (1,326,812) (3,939,176) (3,287,027)
============ ============ ============ ============
Ratio of earnings to fixed
charges ........................... * * * *
============ ============ ============ ============
PERIOD FROM
AUGUST 25, 1995
NINE MONTHS ENDED (DATE OF
SEPTEMBER 30, INCEPTION) TO
-------------------------------- DECEMBER 31,
1998 1999 1999
------------ ------------ ------------------
Net loss before income taxes ...... $(25,014,744) $(40,409,110) $ (82,853,567)
------------ ------------ --------------
Fixed charges:
Interest expensed .............. 21,862,169 30,318,331 63,306,142
Interest capitalized ........... 362,321 1,837,922 2,200,243
------------ ------------ --------------
Interest ....................... 22,224,490 32,156,253 65,506,385
Amortization of bond discount .. 204,750 307,125 614,250
Interest factor or rent
expense......................... 78,970 174,845 344,538
------------ ------------ --------------
Total fixed charges ............... 22,508,210 32,638,223 66,465,173
Amortization of capitalized
interest......................... - 9,949 9,949
Interest capitalized............... (362,321) (1,837,922) (2,200,243)
------------ ------------ --------------
Earnings (loss)before fixed
charges ......................... (2,868,855) (9,598,860) (18,578,688)
============ ============ ==============
Ratio of earnings to fixed
charges ........................... * * *
============ ============ ==============
* - The ratio of earnings to fixed charges is computed by dividing fixed
charges into income before income taxes plus fixed charges. Fixed
charges include interest expense and that portion of rental expense
(one-third) deemed representative of the interest factor. The ratio of
earnings to fixed charges is computed using pre-tax income. On this
basis, earnings before fixed charges for the period August 25, 1995
(date of inception) to December 31, 1995, the years ended December 31,
1996, 1997 and 1998, the nine months ended September 30, 1998 and 1999
and the period from August 25, 1995 (date of inception) to December 31,
1999 were not adequate to cover fixed charges by $426,826, $1,743,635,
$3,977,400, $36,658,917, $25,377,065, $42,237,083 and $85,043,861,
respectively.