EX-12.1 2 bbg-12312015xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Year Ended December 31,
 
 
2011
 
2012
 
2013
 
2014
 
2015
 
Pre-tax income from continuing operations
$
48,379

 
$
2,218

 
$
(311,366
)
 
$
32,990

 
$
(664,856
)
 
Fixed charges
52,255

 
96,698

 
89,112

 
70,107

 
65,776

 
Amortization of capitalized interest
984

 
790

 
1,020

 
199

 
52

 
Interest capitalized
(1,432
)
 
(531
)
 
—

 
—

 
—

 
Total adjusted earnings available for payment of fixed charges
$
100,186

 
$
99,175

 
$
(221,234
)
 
$
103,296

 
$
(599,028
)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
 
Interest expense
$
53,503

 
$
90,132

 
$
83,765

 
$
65,359

 
$
60,682

 
Interest capitalized
1,432

 
531

 
—

 
—

 
—

 
Amortization of debt-related expenses
5,113

 
5,374

 
4,743

 
4,264

 
4,623

 
Rental expense representative of interest factor
503

 
661

 
605

 
484

 
471

 
Total fixed charges
$
60,551

 
$
96,698

 
$
89,113

 
$
70,107

 
$
65,776

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)(2)
1.7

x
1.0

x
(2.5
)
x
1.5

x
(9.1
)
x

(1)
Due to our net loss for the year ended December 31, 2015, the coverage ratio was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $664.8 million for the year ended December 31, 2015.
(2)
Due to our net loss for the year ended December 31, 2013, the coverage ratio was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $311.1 million for the year ended December 31, 2013.