Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

AND
RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to combined fixed charges and preferred dividends
and our ratio of earnings to fixed charges for each of the periods indicated:



|                                                                  |  |                         |  |          |   |  |          |  |      |  |     
|----------------------------------------------------------------- |  | ----------------------- |  | -------- | - |  | -------- |  | ---- |  | ----
|                                                                  |  | Year Ended December 31,
|                                                                  |  |                         |  |          |  
|                                                                  |  | 2009 (C)                |  | 2008 (B) |   |  | 2007 (A) |  | 2006 |  | 2005
|Ratio of Earnings toCombined Fixed Charges andPreferred Dividends |  | 0.04                    |  | (8.32    | ) |  | 0.84     |  | 1.31 |  | 1.46
|                                                                  |  |                         |  |          |  
|Ratio of Earnings to Fixed Charges                                |  | 0.04                    |  | (8.68    | ) |  | 0.86     |  | 1.34 |  | 1.51



|    |  |                                                                                                                                                                                                                 
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(A) |  | The 2007 deficiencies in each ratio are $77.7 million and $65.1 million, respectively. The 2007 results included impairment charges. Excluding such charges, the ratios would have
exceeded 1 to 1.             
|    | 
|(B) |  | The 2008 deficiencies in each ratio are $2.99 billion and $2.98 billion, respectively. The 2008 results included impairment charges. Excluding such charges, the ratios would have
approximately equaled 1 to 1.
|    | 
|(C) |  | The 2009 deficiencies in each ratio are $223.1 million and $209.6 million, respectively. The 2009 results included impairment charges. Excluding such charges, the ratios would have
exceeded 1 to 1.           

For purposes of calculating the above ratios, (i) earnings represent Income (loss) from continuing
operations, excluding equity in earnings of unconsolidated subsidiaries, from our consolidated statements of operations, as adjusted for fixed charges and distributions from unconsolidated subsidiaries, and (ii) fixed charges represent
Interest expense from our consolidated statements of operations. The ratios are based solely on historical financial information.

These ratios are affected by increasing interest rates. As a result of our match funded financing strategy, increasing interest rates are expected to generally result in an increase to interest expense without a material effect on net
income, thereby negatively impacting these ratios.