EX-12.1 3 a2213131zex-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

  YEAR ENDED DECEMBER 31,   

(in thousands, except ratio)

     2008     2009     2010     2011     2012  
   

(Loss) income from continuing operations before taxes

   $ (378,571 ) $ (240,542 ) $ (80,497 ) $ (32,732 ) $ 43,967  

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

     43,926     (308 )   3,705     976     (1,218 )

Amortization of capitalized interest

     57,700     51,477     40,791     32,068     40,612  

Interest

     37,348     46,949     55,615     56,635     59,503  

Less: interest capitalized during the period

     (44,893 )   (35,931 )   (31,221 )   (38,032 )   (42,327 )

Interest portion of rental expense

     7,114     4,354     3,733     2,360     1,976  
       

(LOSS) EARNINGS

   $ (277,376 ) $ (174,001 ) $ (7,874 ) $ 21,275   $ 102,513  

Interest

  
$
37,348		  
$
46,949		  
$
55,615		  
$
56,635		  
$
59,503		  

Interest portion of rental expense

     7,114     4,354     3,733     2,360     1,976  
       

FIXED CHARGES

   $ 44,462   $ 51,303   $ 59,348   $ 58,995   $ 61,479  

(DEFICIENCY) SURPLUS

  
$
(321,838
)
$
(225,304
)
$
(67,222
)
$
(37,720
)
$
41,034		  

Ratio of earnings to fixed charges

     –     –     –     –     1.67  
   



QuickLinks