Exhibit 12.1
| (in thousands) | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| Earnings: |
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| Pretax income (loss) from continuing operations |
$ | 58,146 | $ | 104,623 | $ | 23,496 | $ | (244,188 | ) | $ | (163,940 | ) | ||||||||
| Plus: Fixed charges |
263,303 | 265,579 | 269,424 | 245,469 | 202,734 | |||||||||||||||
| Plus: Amortization of capitalized interest |
5,700 | 5,699 | 4,688 | 1,363 | — | |||||||||||||||
| Less: Interest capitalized |
(274 | ) | 5 | (26,129 | ) | (98,333 | ) | (83,374 | ) | |||||||||||
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| 326,875 | 325,906 | 271,479 | (95,689 | ) | (44,580 | ) | ||||||||||||||
| Fixed Charges: |
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| Interest expense on indebtedness |
259,393 | 262,046 | 243,295 | 147,136 | 119,360 | |||||||||||||||
| Interest capitalized |
274 | (5 | ) | 26,129 | 98,333 | 83,374 | ||||||||||||||
| Interest expense on portion of rent |
3,636 | 3,538 | — | — | — | |||||||||||||||
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| Total fixed charges |
263,303 | 265,579 | $ | 269,424 | $ | 245,469 | $ | 202,734 | ||||||||||||
| Ratio of earnings to fixed charges |
1.24 | x | 1.42 | x | 1.01 | x | — | — | ||||||||||||
| Coverage deficiency |
— | — | — | $ | (341,158 | ) | $ | (247,314 | ) | |||||||||||