EX-12.1 8 d932336dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,     Three Months
Ended
 
     2010     2011     2012     2013     2014     March 31, 2015  
     (in thousands, except ratio)              

Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

   $ (50,074   $ 46,807      $ 73,787      $ 62,174      $ 65,912      $ 5,604   

Capitalized interest

     (84     (106     (3,891     (13,324     (13,785     (3,023

Depreciation of capitalized interest

     36        43        302        1,190        2,109        578   

Distributions from 50% or less owned companies carried at equity

     6,482        20,028        38,809        46,564        75,528        258,902   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

$ (43,640 $ 66,772    $ 109,007    $ 96,604    $ 129,764    $ 29,061   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

Interest on long-term debt

$ 22,992    $ 35,771    $ 40,923    $ 48,583    $ 66,639    $ 19,250   

Capitalized interest

  84      106      3,891      13,324      13,785      3,023   

Rental expenses representative of an interest factor

  3,904      4,570      5,383      6,919      9,485      2,175   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

$ 26,980    $ 40,447    $ 50,197    $ 68,826    $ 89,909    $ 24,448   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges

$ (16,660 $ 107,219    $ 159,204    $ 165,430    $ 219,673    $ 53,509   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

  —        2.7      3.2      2.4      2.4      2.2