Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands, except ratio)

	Year Ended December 31,
	2008			2009			2010			2011			2012
Earnings:
Income (loss) from continuing operations	$	(22,792	)	$	(74,923	)	$	(97,467	)	$	(54,924	)	$	(112,198	)
Fixed charges		43,923			42,757			52,283			59,171			61,802
Income tax expense (benefit)		(2,283	)		(16	)		396			(109	)		413
Loss (income) in equity investee		176			73			2,829			420			335
Less: capitalized interest		(38,050	)		(35,887	)		(47,122	)		(54,139	)		(40,116	)
Total earnings	$	(19,026	)	$	(67,996	)	$	(89,081	)	$	(49,581	)	$	(89,764	)
Fixed Charges:
Interest expense	$	5,733		$	6,730		$	5,021		$	4,824		$	21,506
Estimated interest component of rental expense(1)		140			140			140			208			180
Capitalized interest		38,050			35,887			47,122			54,139			40,116
Total fixed charges	$	43,923		$	42,757		$	52,283		$	59,171		$	61,802
Ratio of Earnings to Fixed Charges		*			*			*			*			*

* For these periods, earnings were inadequate to cover fixed charges. The excess of fixed charges over earnings for those years was as follows: $55.3 million for the year ended December 31, 2008; $110.8 million for the year ended December 31, 2009; $141.4 million for the year ended December 31, 2010; $108.8 million for the year ended December 31, 2011 and $151.6 million for the year ended December 31, 2012.

(1)  Represents our estimate of the interest component of noncancelable operating lease rental expense.