EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES


 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(In thousands)
Earnings Before Fixed charges:
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before non-controlling interest or tax
 
$
(110,812
)
 
$
(39,540
)
 
$
(1,264
)
 
$
(24,708
)
 
$
(75,695
)
Capitalized interest
 
(22,431
)
 
(4,048
)
 
(900
)
 
(128
)
 
(1,076
)
Amortization of capitalized interest
 
2,114

 
992

 
790

 
745

 
738

Income from equity investment
 
(46
)
 
(3,250
)
 

 

 

Distributed income from equity investment
 
17,468

 

 

 

 

Non-controlling interest
 

 
(163
)
 
(48
)
 
19

 
60

Total earnings before fixed charges
 
$
(113,707
)

$
(46,009
)

$
(1,422
)
 
$
(24,072
)
 
$
(75,973
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense includes discontinued operations
 
$
76,219

 
$
86,521

 
$
79,233

 
$
87,035

 
$
125,903

Capitalized interest includes discontinued operations
 
22,431

 
4,048

 
900

 
128

 
1,076

Total fixed charges
 
$
98,650


$
90,569


$
80,133

 
$
87,163

 
$
126,979

Total earnings & fixed charges
 
$
(15,057
)

$
44,560


$
78,711

 
$
63,091

 
$
51,006

Ratio of earnings to fixed charges
 


0.49


0.98


0.72


0.40

Deficiency
 
$
(113,707
)

$
(46,009
)

$
(1,422
)
 
$
(24,072
)
 
$
(75,973
)