Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES

(in thousands, except ratio of earnings (loss) to fixed charges)



|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | - | ---- | - | --------- |  | - | ---------
|                                                                                                                                                  |  | For the Year Ended December 31,
|                                                                                                                                                  |  | 2009                            |            |   | 2008 |   |            | 2007 |  |   | 2006       |   | 2005
|Fixed charges:                                                                                                                                    |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Interest expense                                                                                                                                  |  | $                               | 852,766    |   |      | $ | 1,557,654  |      |  | $ | 2,102,446  |   |      | $ | 1,508,854 |  | $ | 846,681  
|Amortization of debt issue expense                                                                                                                |  |                                 | 1,878      |   |      |   | 6,440      |      |  |   | 9,492      |   |      |   | 8,438     |  |   | 2,840    
|Estimated interest portion within rental expense                                                                                                  |  |                                 | 8,316      |   |      |   | 8,968      |      |  |   | 8,912      |   |      |   | 8,241     |  |   | 5,549    
|Preference securities dividend requirements of consolidated subsidiaries                                                                          |  |                                 |           |   |      |   |           |      |  |   |           |   |      |   |          |  |   |         
|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Total fixed charges                                                                                                                               |  | $                               | 862,960    |   |      | $ | 1,573,062  |      |  | $ | 2,120,850  |   |      | $ | 1,525,533 |  | $ | 855,070  
|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Earnings:                                                                                                                                         |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Income (loss) before income taxes, discontinued operations and cumulative effect of accounting change less equity in income
(loss) of investments |  | $                               | (1,826,815 | ) |      | $ | (1,297,381 | )    |  | $ | (2,182,951 | ) |      | $ | 929,869   |  | $ | 642,364  
|Fixed charges                                                                                                                                     |  |                                 | 862,960    |   |      |   | 1,573,062  |      |  |   | 2,120,850  |   |      |   | 1,525,533 |  |   | 855,070  
|Less:                                                                                                                                             |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Preference securities dividend requirements of consolidated subsidiaries                                                                          |  |                                 |           |   |      |   |           |      |  |   |           |   |      |   |          |  |   |         
|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Earnings (loss)                                                                                                                                   |  | $                               | (963,855   | ) |      | $ | 275,681    |      |  | $ | (62,101    | ) |      | $ | 2,455,402 |  | $ | 1,497,434
|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Ratio of earnings (loss) to fixed charges                                                                                                         |  |                                 | (1.12      | ) |      |   | 0.18       |      |  |   | (0.03      | ) |      |   | 1.61      |  |   | 1.75     
|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          
|Excess (deficiency) of earnings (loss) to fixed charges                                                                                           |  | $                               | (1,826,815 | ) |      | $ | (1,297,381 | )    |  | $ | (2,182,951 | ) |      | $ | 929,869   |  | $ | 642,364  
|                                                                                                                                                  |  |                                 |            |   |      |   |            |      |  |   |            |   |      |   |           |  |   |          

The ratio of earnings (loss) to fixed charges is
computed by dividing fixed charges into income (loss) before income taxes, discontinued operations and the cumulative effect of accounting changes less equity in the income (loss) of investments plus fixed charges less the preference securities
dividend requirement of consolidated subsidiaries. Fixed charges include, as applicable interest expense, amortization of debt issuance costs, the estimated interest component of rent expense (calculated as one-third of net rent expense) and the
preference securities dividend requirement of consolidated subsidiaries.