Exhibit 12.1 Calculation of the Ratio of Earnings to Fixed Charges Nine Months Years Ended December 31, Ended ----------------------------------------------------------------------- September 30, 1998 1999 2000 2001 2002 2003 ---------- ----------- ---------- ----------- ----------- --------------- Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees $(1,637,844) $(1,753,723) $ (354,331) $(8,691,071) $(3,447,461) $ 212,703 Fixed charges 1,061,852 432,744 1,171,048 177,789 30,227 34,958 Amortization of capitalized interest -- -- -- -- -- -- Distributed income of equity investees -- -- -- -- -- -- Our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges -- -- -- -- -- -- Interest capitalized (1,058,595) (415,262) (1,154,099) (165,813) 42,261 (27,577) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges -- -- -- -- -- 1,552,978 ----------- ----------- ----------- ----------- ----------- ----------- Earnings (Loss) $(1,634,587) $(1,736,241) $ (337,382) $(8,679,095) $(3,374,973) $ 1,773,062 =========== =========== =========== =========== =========== =========== Interest expensed and capitalized $ 1,058,595 $ 415,262 $ 1,154,099 $ 165,813 $ (42,261) $ 27,577 Amortized premiums, discounts and capitalized expenses related to indebtedness -- -- -- -- 62,501 -- Estimate of the interest within rental expense 3,257 17,482 16,949 11,976 9,987 7,381 ----------- ----------- ----------- ----------- ----------- ----------- Fixed Charges $ 1,061,852 $ 432,744 $ 1,171,048 $ 177,789 $ 30,227 $ 34,958 =========== =========== =========== =========== =========== =========== Ratio of Earnings (Loss) to Fixed Charges (1.54) (4.01) (0.29) (48.82) (111.65) 50.72 =========== =========== =========== =========== =========== =========== Coverage Deficiency $ 2,696,439 $ 2,168,985 $ 1,508,430 $ 8,856,884 $ 3,405,200 $ -- =========== =========== =========== =========== =========== ===========