EX-12.1 2 ras-ex121_10.htm EX-12.1 ras-ex121_10.htm

 

 

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

Our ratio of earnings to fixed charges and our ratio of earnings to fixed charges and preferred share dividends for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income (loss) from our consolidated statements of operations, as adjusted for fixed charges; fixed charges represent interest expense and preferred share dividends represent income or loss allocated to preferred shares from our consolidated statements of operations.

The following table presents our ratio of earnings to fixed charges and our ratio of earnings to fixed charges and preferred share dividends for the three-month period ended March 31, 2018 and for the five years ended December 31, 2017 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three-Month

 

 

For the Years Ended December 31

 

 

 

 

Period Ended March 31, 2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

 

Income (loss)

$

(27,705

)

 

$

(151,803

)

 

$

(37,879

)

 

$

28,593

 

 

$

(292,830

)

 

 

Add back fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

17,320

 

 

 

76,476

 

 

 

118,792

 

 

 

113,588

 

 

 

85,701

 

 

 

Earnings before fixed charges and preferred share dividends

$

(10,385

)

 

$

(75,327

)

 

$

80,913

 

 

$

142,181

 

 

 

(207,129

)

 

 

Fixed charges and preferred share dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

17,320

 

 

 

76,476

 

 

 

118,792

 

 

 

113,588

 

 

 

85,701

 

 

 

Preferred share dividends

 

6,389

 

 

 

32,816

 

 

 

35,160

 

 

 

32,830

 

 

 

28,993

 

 

 

Total fixed charges and preferred share dividends

$

23,709

 

 

$

109,292

 

 

$

153,952

 

 

$

146,418

 

 

$

114,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

—

 

(1)

—

 

(1)

 

0.68

x

 

 

1.25

x

 

—

 

(1)

 

Ratio of earnings to fixed charges and preferred share dividends

—

 

(2)

—

 

(2)

 

0.53

x

 

 

0.97

x

 

—

 

(2)

 

 

(1)

The dollar amount of the deficiency for the three months ended March 31, 2018 is $27.7 million and for the years ended December 31, 2017, 2016, and 2014 is $151.8 million, $37.9 million, and $292.8 million, respectively.

 

(2)

The dollar amount of the deficiency for the three months ended March 31, 2018 is $34.1 million and for the years ended December 31, 2017, 2016, 2015, and 2014 is $184.6 million, $73.0 million, $4.2 million, and $321.8 million, respectively.