EX-12.1 8 d428663dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratios of earnings to fixed charges for the periods presented (amounts in thousands).

 

     Six Months Ended
June 30, 2017
    2012     2013     2014     2015     2016  

Earnings:

            

Earnings before income taxes

   $ (264,584   $ 805,312     $ 238,876     $ 21,117     $ 187,942     $ 259,575  

add:

            

Fixed Charges

     89,567       122,535       117,704       138,623       138,540       182,365  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Earnings

   $ (175,017   $ 927,847     $ 356,580     $ 159,740     $ 326,482     $ 441,940  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

            

Interest Expense (includes capitalized interest)

     67,668       105,710       93,605       105,816       92,258       140,056  

Amortization of debt discount and expense

     4,418       9,806       6,479       7,828       8,273       7,873  

Estimate of interest within rental expense

     21,040       13,716       23,292       32,496       41,538       42,769  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges

   $ 93,126     $ 129,232     $ 123,376     $ 146,140     $ 142,069     $ 190,698  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges (a)

     (b     7.2     2.9     1.1     2.3     2.3

Coverage deficiency (b)

   $ (268,143     —         —         —         —         —    

 

(a) For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes and fixed charges (excluding interest capitalized during the period). Fixed charges consist of interest expense (including interest capitalized during the period), amortization of debt discount and deferred financing costs and the portion of rental expense that is representative of the interest factor in these rentals.
(b) Earnings for the six months ended June 30, 2017 were inadequate to cover fixed charges by $268,143.