Exhibit 12.1
Computation of ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends.
| The Company |
The Company and the Predecessor |
The Predecessor | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||||
| Year Ended December 31, 2005 |
2004 | 2003 | 2002 | Period from February 28, 2001 (inception) through December 31, 2001 |
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| Income (loss) before minority interests |
$ | 24,357 | $ | (5,681 | ) | $ | 16,791 | $ | 129 | $ | (2,758 | ) | |||||||
| Interest |
39,122 | 24,461 | 10,091 | 5,249 | — | ||||||||||||||
| Interest within rental expense |
147 | 113 | 66 | — | — | ||||||||||||||
| Minority interests in consolidated joint ventures |
12 | 24 | (149 | ) | (190 | ) | — | ||||||||||||
| Earnings available to cover fixed charges |
$ | 63,638 | $ | 18,917 | $ | 26,799 | $ | 5,188 | $ | (2,758 | ) | ||||||||
| Fixed charges: |
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| Interest |
$ | 39,122 | $ | 24,461 | $ | 10,091 | $ | 5,249 | $ | — | |||||||||
| Interest within rental expense |
147 | 113 | 66 | — | — | ||||||||||||||
| Capitalized interest |
279 | — | — | — | — | ||||||||||||||
| 39,548 | 24,574 | 10,157 | 5,249 | — | |||||||||||||||
| Preferred stock dividends |
10,014 | — | — | — | — | ||||||||||||||
| Fixed charges and preferred stock dividends |
$ | 49,562 | $ | 24,574 | $ | 10,157 | $ | 5,249 | $ | — | |||||||||
| Ratio of earnings to fixed charges |
1.61 | — | (1) | 2.64 | — | (2) | — | ||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends |
1.28 | — | 2.64 | — | (2) | — | |||||||||||||
| (1) | For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $5,657. |
| (2) | For the year ended December 31, 2002, earnings were insufficient to cover fixed charges by $61. |