EXHIBIT 12

|Earnings to Fixed Charges Ratio                                                   |  | Year ended December 31, 2004 |   | Year ended December 31, 2003 |   | Year ended December 31, 2002 |   | Year ended December 31, 2001 |  | Year ended December 31, 2000 |  | Year ended December 31, 1999 |  | 5 months ended December 31, 1998 |   | Year ended July 31, 1998 |  
|--------------------------------------------------------------------------------- |  | ---------------------------- | - | ---------------------------- | - | ---------------------------- | - | ---------------------------- |  | ---------------------------- |  | ---------------------------- |  | -------------------------------- | - | ------------------------ | -
|Part I  Earnings                                                                 |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Pretax income                                                                     |  | (97,305                      | ) | (163,453                     | ) | (22,990                      | ) | 22,813                       |  | 1,553                        |  | 2,773                        |  | (4,408                           | ) | (8,610                   | )
|Add:                                                                              |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Fixed Charges                                                                     |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Interest expense  not income                                                     |  | 29,202                       |   | 22,523                       |   | 7,099                        |   | 6,930                        |  | 3,263                        |  | 2,009                        |  | 1,426                            |   | 2,007                    |  
|Amortization of debt issue costs and discount or premium relating to indebtedness |  | 1,625                        |   | 1,466                        |   | 1,042                        |   | 106                          |  | 3                            |  |                             |  |                                 |   |                         |  
|Interest portion of rental expense                                                |  | 569                          |   | 523                          |   | 272                          |   | 247                          |  | 223                          |  | 57                           |  | 1                                |   | 3                        |  
|Preferred stock dividends                                                         |  |                             |   |                             |   |                             |   |                             |  |                             |  |                             |  |                                 |   |                         |  
|Fixed Charges reduced by:                                                         |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Interest capitalized during the period                                            |  | 4,043                        |   | 7,281                        |   | 2,726                        |   | 1,657                        |  |                             |  | 343                          |  | 190                              |   | 608                      |  
|Preferred stock dividends                                                         |  |                             |   |                             |   |                             |   |                             |  |                             |  |                             |  |                                 |   |                         |  
|Amortization related to capitalized interest                                      |  | 247                          |   |                             |   |                             |   |                             |  |                             |  |                             |  |                                 |   |                         |  
|                                                                                  |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|                                                                                  |  | (70,199                      | ) | (146,222                     | ) | (17,303                      | ) | 28,439                       |  | 5,042                        |  | 4,496                        |  | (3,171                           | ) | (7,208                   | )
|                                                                                  |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Part II  Fixed Charges                                                           |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Interest Expense  not income                                                     |  | 29,202                       |   | 22,523                       |   | 7,099                        |   | 6,930                        |  | 3,263                        |  | 2,009                        |  | 1,426                            |   | 2,007                    |  
|Amortization of debt issue costs and discount or premium relating to indebtedness |  | 1,625                        |   | 1,466                        |   | 1,042                        |   | 106                          |  | 3                            |  |                             |  |                                 |   |                         |  
|Interest portion of rental expense                                                |  | 569                          |   | 523                          |   | 272                          |   | 247                          |  | 223                          |  | 57                           |  | 1                                |   | 3                        |  
|Preferred stock dividends                                                         |  |                             |   |                             |   |                             |   |                             |  |                             |  |                             |  |                                 |   |                         |  
|                                                                                  |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|                                                                                  |  | 31,396                       |   | 24,512                       |   | 8,413                        |   | 7,283                        |  | 3,489                        |  | 2,066                        |  | 1,427                            |   | 2,010                    |  
|                                                                                  |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  
|Fixed charge coverage                                                             |  | (2.24                        | ) | (5.97                        | ) | (2.06                        | ) | 3.90                         |  | 1.45                         |  | 2.18                         |  | (2.22                            | ) | (3.59                    | )
|                                                                                  |  |                              |   |                              |   |                              |   |                              |  |                              |  |                              |  |                                  |   |                          |  

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