Exhibit 12.1

Q1 2002 Q1 2001 2001 2000 1999 1998 1997 ------------------------------------------------------------------------------------------------- Earnings - -------- Profit before tax $(15,293,614) $ (6,412,077) $ (42,270,116) $ 89,115,221 $295,719,923 $ 65,637,048 $312,380,869 Interest expense (14,234,757) (23,451,822) (76,227,448) (86,036,048) (74,679,844) (71,250,535) (26,049,978) Equity in (earnings)/losses of investees (942,877) (2,353,842) (11,501,909) (6,867,433) (2,396,942) 271,729 (4,064,817) ------------------------------------------------------------------------------------------------- Pre-tax income/(loss) from continuing operations before adjustment from minority interest & (earnings)/loss from equity investees (30,471,248) (32,217,741) $(129,999,473) (3,788,260) 218,643,137 (5,341,758) 282,266,074 Adds: Fixed charges 27,331,878 30,471,234 115,850,656 119,532,045 112,085,038 112,383,565 62,974,624 Amortization of capitalized interest 1,591,299 1,383,539 6,015,808 5,305,953 4,590,989 3,595,263 3,009,379 Losses @ Gtd Debt JV's - - - - (33,831,627) (29,956,008) - Distributed income of equity investees 3,707,507 82,092 4,862,563 1,421,402 739,315 2,233,146 3,241,826 Subtracts: Capitalized interest 231,073 771,369 1,871,913 5,986,831 7,517,430 14,165,626 15,474,860 Preferred dividend of consolidated subs 5,250,000 - 11,238,888 - - - - Minority interest in pre-tax income of subs with no fixed charges - - - - - - - ------------------------------------------------------------------------------------------------- Net Earnings $ (3,321,637) $ (1,052,245) $ (16,381,247) $116,484,309 $294,709,422 $ 68,748,582 336,017,043 ================================================================================================= Fixed Charges - ------------- Interest expense $ 14,234,757 $ 23,451,822 $ 76,227,448 $ 86,036,048 $ 74,679,844 71,250,535 26,049,978 Capitalized interest 231,073 771,369 1,871,913 5,986,831 7,517,430 14,165,626 15,474,860 Amortization of deferred debt expense 320,637 327,325 1,296,329 1,329,325 1,779,840 1,683,190 874,068 Expense amortization of debt discount - 2,907 6,784 11,628 50,303 232,320 - Interest component of rental 7,220,149 5,917,811 25,039,503 26,168,213 25,000,820 23,579,984 20,575,718 expense (1/3 of total rent expense) Dividends on preferred securities 5,250,000 - 11,238,888 - - - - Amortization of subscription fees on pref sec 75,262 - 169,791 - - - - Interest expense @ Gtd Debt JV's - - - - 3,056,801 1,471,910 - Interest component of rental expense @ Gtd Debt JV's (1/3 of total rent expense) - - - - - - - ------------------------------------------------------------------------------------------------- Total Fixed Charges $ 27,331,878 $ 30,471,234 $115,850,656 $119,532,045 $112,085,038 $112,383,565 $ 62,974,624 ================================================================================================= Ratio (0.1) (0.0) (0.1) 1.0 2.6 0.6 5.3 Dollar amount of deficiency $ 30,653,515 $ 31,523,479 $132,231,903 $ 3,047,736 $43,634,983