EXHIBIT 12.1

	Year Ended December 31,
	2007			2006			2005			2004			2003
Earnings (losses):
Losses before income taxes		(134,196	)		(86,928	)		(203,082	)		(137,768	)		(114,261	)
Gain on debt restructuring		-			(80,071	)		-			-			-
Amortization of capitalized
interest (a)		-			5,654			4,206			3,557			954
Interest capitalized (d)		(9,465	)		(5,692	)		(2,793	)		-			(14,042	)
		(143,661	)		(167,037	)		(201,669	)		(134,211	)		(127,349	)
Fixed Charges:
Amortization of expenses related to indebtedness (b)		7,811			4,589			523			524			271
Interest expenses (c)		33,444			39,264			32,360			26,582			7,891
Interest capitalized (d)		9,465			5,692			2,793			-			14,042
Total Fixed Charges		50,720			49,545			35,676			27,106			22,204
Earnings (losses), as adjusted		(92,941	)		(117,492	)		(165,993	)		(107,105	)		(105,145	)
Ratio of earnings to fixed charges		(1	)		(2	)		(3	)		(4	)		(5	)

⁽¹⁾ Earnings as adjusted were inadequate to cover fixed charges by $143.7 million in 2007.

⁽²⁾ Earnings as adjusted were inadequate to cover fixed charges by $167.0 million in 2006.

⁽³⁾ Earnings as adjusted were inadequate to cover fixed charges by $201.7 million in 2005.

⁽⁴⁾ Earnings as adjusted were inadequate to cover fixed charges by $134.2 million in 2004.

⁽⁵⁾ Earnings as adjusted were inadequate to cover fixed charges by $127.3 million in 2003.

^(a) Includes amortization of deferred financing charges in connection with obtaining long-term bank loans which are comprised mainly of stock-based compensation related to warrants issued to banks.

^(b) Includes amortization of convertible debentures discount and deferred issuance expenses.

^(c) Includes, mainly, the effective interest of long-term loans based on their terms and the effect of hedge agreements with knock-out and knock-in features and interest expenses in relation to convertible debentures.

^(d) Includes, mainly, the effective capitalized interest of long-term loans based on their terms and the effect of hedge agreements with a knock-out feature, capitalized interest in relation to convertible debentures and deferred financing charges in connection with obtaining long-term bank loans which are comprised mainly of stock-based compensation related to warrants issued to banks.