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Exhibit 12.1

Computation of Ratio of Earnings to fixed charges and
Earnings to fixed charges and preferred dividends

($ in thousands, except ratios)

			For the Years Ended December 31,
			2010			2009			2008			2007			2006
Earnings:
Net income (loss) before equity in earnings from joint ventures and unconsolidated subsidiaries and other items			$	(259,433	)	$	(793,327	)	$	(328,335	)	$	104,354		$	231,165
	Add: Fixed charges as calculated below			349,041			485,624			671,304			635,277			433,609
	Add: Distributions of earnings of joint ventures			32,650			36,766			48,196			49,486			13,276
	Less: Capitalized interest			(466	)		(263	)		(2,501	)		(3,994	)		(1,917	)
Total earnings			$	121,792		$	(271,200	)	$	388,664		$	785,123		$	676,133
Fixed charges:
	Interest expense(1)		$	346,500		$	481,116		$	666,706		$	629,272		$	429,807
		Add: Capitalized interest		466			263			2,501			3,994			1,917
	Implied interest component on the company's rent obligations			2,075			4,245			2,097			2,011			1,885
Fixed charges			$	349,041		$	485,624		$	671,304		$	635,277		$	433,609
	Preferred dividends			42,320			42,320			42,320			42,320			42,320
Fixed charges and preferred dividends			$	391,361		$	527,944		$	713,624		$	677,597		$	475,929
	Earnings to fixed charges(2)			—			—			—			1.2	x		1.6	x
	Earnings to fixed charges and preferred dividends(2)			—			—			—			1.2	x		1.4	x

Explanatory Notes:

(1)

For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, interest expense includes $30,515, $66,876, $47,995, $18,554, and $19,327, respectively, of interest expense reclassified to discontinued operations.

(2)

For the years ended December 31, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by $227,249, $756,824 and $282,640, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $269,569, $799,144 and $324,960, respectively.

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Exhibit 12.1

Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and preferred dividends ($ in thousands, except ratios)