Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| (in thousands except ratios) (unaudited) |
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| Income before income taxes |
$ | 264,334 | $ | 129,793 | $ | (262,030 | ) | $ | (828,482 | ) | $ | 215,759 | ||||||||
| Add: Fixed charges |
62,458 | 43,304 | 46,974 | 54,213 | 62,438 | |||||||||||||||
| Add: Amortization of capitalized interest |
860 | 1,353 | 2,667 | 1,273 | 1,265 | |||||||||||||||
| Less: Capitalized Interest |
(9,877 | ) | (5,395 | ) | (6,662 | ) | (19,292 | ) | (25,100 | ) | ||||||||||
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| Earnings before fixed charges |
$ | 317,775 | $ | 169,055 | $ | (219,051 | ) | $ | (792,288 | ) | $ | 254,362 | ||||||||
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| Fixed Charges: |
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| Interest expense, net of capitalized interest |
$ | 52,393 | $ | 37,706 | $ | 40,087 | $ | 34,709 | $ | 37,088 | ||||||||||
| Capitalized interest |
9,877 | 5,395 | 6,662 | 19,292 | 25,100 | |||||||||||||||
| Portion of rental expense representative of an interest factor |
188 | 203 | 225 | 212 | 250 | |||||||||||||||
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| Total fixed charges |
$ | 62,458 | $ | 43,304 | $ | 46,974 | $ | 54,213 | $ | 62,438 | ||||||||||
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| Ratio of earnings to fixed charges |
5.1 | 3.9 | — | (1) | — | (2) | 4.1 | |||||||||||||
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| (1) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2009 by $266.0 million. Earnings for the year ended December 31, 2009 included an impairment write down of $218.9 million. |
| (2) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2008 by $846.5 million. Earnings for the year ended December 31, 2008 included an impairment write down of $1,182.8 million. |