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EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 
  Year Ended December 31,  
 
  2012   2011   2010  
 
  (In thousands)
 

Earnings Before Fixed charges:

                   

Earnings from continuing operations before non-controlling interest or tax

  $ (39,540 ) $ (1,264 ) $ (24,708 )

Capitalized interest

    (4,048 )   (900 )   (128 )

Depreciation of capitalized interest

    992     790     745  

Non-controlling interest

    (163 )   (48 )   19  
               

Total earnings before fixed charges

  $ (42,759 ) $ (1,422 ) $ (24,072 )
               

Fixed charges:

                   

Interest expense includes discontinued operations

  $ 86,521     79,233     87,035  

Capitalized interest includes discontinued operations

    4,048     900     128  
               

Total fixed charges

  $ 90,569   $ 80,133   $ 87,163  
               

Total earnings & fixed charges

  $ 47,810   $ 78,711   $ 63,091  
               

Ratio of earnings to fixed charges

    0.53     0.98     0.72  

Deficiency

  $ (42,759 ) $ (1,422 ) $ (24,072 )



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RATIO OF EARNINGS TO FIXED CHARGES