EX-12.1 3 exhibit121ratioofearnings.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Distributions


The following table sets forth our ratio of earnings to combined fixed charges and preferred share dividends for each of the periods indicated:

 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended 
 March 31,
 
Fiscal Years Ended December 31,
 
 
2017
 
2016
     
2015
     
2014
     
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio computation)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
(21,475
)
 
$
53,749

 
$
8,991

 
$
270,077

 
$
71,052

Interest
 
7,136

 
24,651

 
25,924

 
27,060

 
19,378

Earnings available for fixed charges
 
$
(14,339
)
 
$
78,400

 
$
34,915

 
$
297,137

 
$
90,430

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest
 
$
7,136

 
$
24,651

 
$
25,924

 
$
27,060

 
$
19,378

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share distributions (1)
 
—

 
3.2

 
1.3

 
11.0

 
4.7




(1) For the three months ended March 31, 2017, earnings were deficient to cover fixed charges by $21.5 million as a result of an operating loss for the quarter