Attached files
Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF (LOSS) EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
(Loss) Income before provision for income taxes |
$ | (135,867 | ) | $ | (122,861 | ) | $ | (163,676 | ) | $ | (305,624 | ) | $ | 123,709 | ||||||
Interest incurred |
62,790 | 48,782 | 66,748 | 76,497 | 80,173 | |||||||||||||||
Less interest capitalized |
(39,137 | ) | (12,880 | ) | (42,308 | ) | (76,497 | ) | (80,173 | ) | ||||||||||
Amortization of capitalized interest included in cost of sales |
16,762 | 17,978 | 37,907 | 57,241 | 54,356 | |||||||||||||||
Non-cash impairment charge |
111,860 | 45,269 | 141,207 | 231,120 | 39,895 | |||||||||||||||
Gain on retirement of debt |
(5,572 | ) | (78,144 | ) | (54,044 | ) | | | ||||||||||||
Cash distributions of income from unconsolidated joint ventures |
| | 816 | | 2,599 | |||||||||||||||
Less equity in (income) loss of unconsolidated joint ventures |
(916 | ) | 420 | 3,877 | (304 | ) | (3,242 | ) | ||||||||||||
Earnings (Loss) |
$ | 9,920 | $ | (101,436 | ) | $ | (9,473 | ) | $ | (17,567 | ) | $ | 217,317 | |||||||
Interest incurred |
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Interest incurred |
$ | 62,790 | $ | 48,782 | $ | 66,748 | $ | 76,497 | $ | 80,173 | ||||||||||
Fixed Charges |
$ | 62,790 | $ | 48,782 | $ | 66,748 | $ | 76,497 | $ | 80,173 | ||||||||||
Ratio of Earnings (Loss) to Fixed Charges |
0.16x | (2.08x | ) | (0.14x | ) | (0.23x | ) | 2.71x | ||||||||||||