EX-12.1 3 a2207001zex-12_1.htm EX-12.1
QuickLinks -- Click here to rapidly navigate through this document


EXHIBIT 12.1


Computation of Ratio of Earnings to Fixed Charges

 
   TWELVE MONTHS ENDED DECEMBER 31,   NINE MONTHS
ENDED
SEPTEMBER 30, 		 
(in thousands, except ratio)
  2006   2007   2008   2009   2010   2011  

Earnings (loss) from continuing operations before taxes

   $ 537,717   $ (398,201 ) $ (378,571 ) $ (240,542 ) $ (80,497 ) $ (33,546 )

Share of distributed loss (income) of 50%-or-less-owned affiliates, net of equity pickup

     370     (395 )   43,926     (308 )   3,705     1,302  

Amortization of capitalized interest

     46,368     39,112     57,700     51,477     40,791     22,058  

Interest

     54,898     43,093     37,348     46,949     55,615     42,569  

Less interest capitalized during the period

     (68,799 )   (57,530 )   (44,893 )   (35,931 )   (31,221 )   (28,092 )

Interest portion of rental expense

     7,394     8,564     7,114     4,354     3,733     1,869  
                           

EARNINGS (LOSS)

   $ 577,948   $ (365,357 ) $ (277,376 ) $ (174,001 ) $ (7,874 ) $ 6,160  

Interest

  
$
54,898		  
$
43,093		  
$
37,348		  
$
46,949		  
$
55,615		  
$
42,569		  

Interest portion of rental expense

     7,394     8,564     7,114     4,354     3,733     1,869  
                           

FIXED CHARGES

   $ 62,292   $ 51,657   $ 44,462   $ 51,303   $ 59,348   $ 44,438  

SURPLUS/(DEFICIENCY)

  
$
515,656		  
$
(417,014
)
$
(321,838
)
$
(225,304
)
$
(67,222
)
$
(38,278
)

Ratio of earnings to fixed charges

    
9.28		    
—		    
—		    
—		    
—		    
—		  



QuickLinks

Computation of Ratio of Earnings to Fixed Charges