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, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| (in thousands except ratios) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Income before income taxes |
$ | 119,531 | $ | 264,334 | $ | 129,793 | $ | (262,030 | ) | $ | (828,482 | ) | ||||||||
| Add: Fixed charges |
63,441 | 52,581 | 43,304 | 46,974 | 54,213 | |||||||||||||||
| Add: Amortization of capitalized interest |
1,526 | 1,037 | 1,353 | 2,667 | 1,273 | |||||||||||||||
| Less: Capitalized Interest |
(13,274 | ) | (9,877 | ) | (5,395 | ) | (6,662 | ) | (19,292 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings before fixed charges |
$ | 171,224 | $ | 308,075 | $ | 169,055 | $ | (219,051 | ) | $ | (792,288 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed Charges: |
||||||||||||||||||||
| Interest expense, net of capitalized interest |
$ | 49,994 | $ | 42,516 | $ | 37,706 | $ | 40,087 | $ | 34,709 | ||||||||||
| Capitalized interest |
13,274 | 9,877 | 5,395 | 6,662 | 19,292 | |||||||||||||||
| Portion of rental expense representative of an interest factor |
173 | 188 | 203 | 225 | 212 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total fixed charges |
$ | 63,441 | $ | 52,581 | $ | 43,304 | $ | 46,974 | $ | 54,213 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratio of earnings to fixed charges |
2.7 | 5.9 | 3.9 | — | (1) | — | (2) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (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.