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, | Nine Months Ended September 30, 2012 |
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| 2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||||
| (in thousands, except ratios) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Income before income taxes |
$ | 215,759 | $ | (828,482 | ) | $ | (262,030 | ) | $ | 129,793 | $ | 264,334 | $ | 89,274 | ||||||||||
| Add: Fixed charges |
62,438 | 54,213 | 46,974 | 43,304 | 52,581 | 43,529 | ||||||||||||||||||
| Add: Amortization of capitalized interest |
1,265 | 1,273 | 2,667 | 1,353 | 1,037 | 703 | ||||||||||||||||||
| Less: Capitalized interest |
(25,100 | ) | (19,292 | ) | (6,662 | ) | (5,395 | ) | (9,877 | ) | (9,899 | ) | ||||||||||||
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| Earnings before fixed charges |
$ | 254,362 | $ | (792,288 | ) | $ | (219,051 | ) | $ | 169,055 | $ | 308,075 | $ | 123,607 | ||||||||||
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| Fixed charges: |
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| Interest expense, net of capitalized interest |
$ | 37,088 | $ | 34,709 | $ | 40,087 | $ | 37,706 | $ | 42,516 | $ | 33,510 | ||||||||||||
| Capitalized interest |
25,100 | 19,292 | 6,662 | 5,395 | 9,877 | 9,899 | ||||||||||||||||||
| Portion of rental expense representative of an interest factor |
250 | 212 | 225 | 203 | 188 | 120 | ||||||||||||||||||
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| Total fixed charges |
$ | 62,438 | $ | 54,213 | $ | 46,974 | $ | 43,304 | $ | 52,581 | $ | 43,529 | ||||||||||||
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| Ratio of earnings to fixed charges |
4.1 | — | (1) | — | (2) | 3.9 | 5.9 | 2.8 | ||||||||||||||||
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| (1) | 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. |
| (2) | 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. |