**EXHIBIT 12**

 

**Calculationof Earnings (Deficiency) to Fixed Charges**

** **
|                                                                                     |       | **Year Ended   December 31, 2001** |       | **March 15, 2000  (inception)  through   December 31, 2000** | ** ** |
|------------------------------------------------------------------------------------------|------------|------------------------------------|------------|--------------------------------------------------------------|------------|
|                                                                                     | ** ** |
|                                                                                     |       | **(in  thousands)**                | ** ** |
| Earnings                                                                                 |       | $                                  | (2,005     | )                                                            | $          | (948 | ) |
| Income from Continuing operations before income taxes                                    |       | —                             |       | —                                                       |       |
| Adjustment for undistributed income                                                      |       | —                             |       | —                                                       |       |
| Distributions from affiliates                                                            |       | —                             |       | —                                                       |       |
|                                                                                     |       |                               |       |                                                         |       |
| Fixed Charges                                                                            |       | 34,665                             |       | 28,211                                                       |       |
| Depreciation of previously capitalized interest                                          |       | —                             |       | —                                                       |       |
| Interest Capitalized                                                                     |       | (30,258                            | )          | (24,966                                                      | )          |
| Earnings                                                                                 |       | $                                  | 2,402      |                                                         | $          | 2,297 |   |
|                                                                                     |       |                               |       |                                                         |       |
| Fixed Charges                                                                            |       |                               |       |                                                         |       |
| Interest expense and capitalized amounts (including construction  related fixed charges) |       | 33,849                             |       | 27,565                                                       |       |
| Net amortization of issuance costs (including capitalized amounts)                       |       | 816                                |       | 646                                                          |       |
| Fixed charges                                                                            |       | $                                  | 34,665     |                                                         | $          | 28,211 |   |
|                                                                                     |       |                               |       |                                                         |       |
| Deficiency of earnings to fixed charges                                                  |       | $                                  | (32,263    | )                                                            | $          | (25,914 | ) |
|                                                                                          |            |                                    |            |                                                              |            |  |  |  |

 

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