EX-12.1 5 a10-22473_1ex12d1.htm EX-12.1

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:

 

 

 

For the Nine
Months ended
September 30,

 

For the Year ended December 31,

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

15,404

 

4,419

 

4,220

 

931

 

16

 

11

 

Distributed income from investment in Ecuador property

 

752

 

1,396

 

905

 

452

 

1,591

 

598

 

Capitalized interest

 

(6,894

)

(4,419

)

(4,220

)

(931

)

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (loss) earnings available for fixed charges

 

$

(48,008

)

$

(42,189

)

$

(6,318

)

$

(20,283

)

$

(15,283

)

$

(6,267

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

15,404

 

$

4,419

 

$

4,220

 

$

931

 

$

16

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

15,404

 

$

4,419

 

$

4,220

 

$

931

 

$

16

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

—

 

—

 

—

 

—

 

—

 

—

 

 

(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.

 

1