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Exhibit 12.01
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Schedule of Earnings to Fixed Charges
Year ended December 31,
Three Months Ended
1996 1997 1998 1999 March 31, 1999 March 31, 2000
<S> <C> <C> <C> <C> <C> <C>
EARNINGS
ADD:
Pretax income from continuing
operations (1,045,984) (2,301,226) (12,776,191) (27,529,788) (5,263,280) (8,274,217)
Fixed charges 268,086 309,082 10,546,132 24,733,319 6,082,022 6,225,936
Amortization of capitalized interest -- 4,814 4,628 170,699 35,152 213,675
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777,898 (1,987,330) (2,225,431) (2,625,750) 853,894 (1,834,606)
SUBTRACT:
Interest capitalized 180,501 142,457 1,543,520 3,095,200 945,700 685,000
Minority interest in pre-tax
income of subs that have
not incurred fixed charges 248,039 894,000 1,026,001 -- -- --
---------- --------- --------- ---------- ---------- ----------
428,540 1,136,457 2,569,521 3,095,200 945,700 685,000
Total Earnings (1,206,438) (3,123,787) (4,794,952) (5,720,950) (91,806) (2,519,606)
Ratio of earnings to fixed charges (4.50) (10.11) (0.45) (0.23) (0.02) (0.40)
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