EX-12.1 7 ex12_1.htm EXHIBIT 12.1
Exhibit 12.1
 
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

   
Year ended December 31,
 		  
Six Months
ended
June 30,
  
(dollars in thousands)
  
2010
    
2011
    
2012
    
2013
   2014  
2015
  
Ratio of earnings to fixed charges
                    
Earnings:
                    
Income (loss) before income taxes and cumulative effect of change in accounting principle
  
$
75,479
    
$
(22,743
)
  
$
(39,459
)
  
$
(26,857
)
 (9,887 ) 
$
(15,399
)
Add:
                                        
Fixed charges
    
10
      
—
      
—
      
—
  
—
    
—
  
Amortization of capitalized interest
    
—
      
—
      
—
      
—
  
—
    
—
  
Distributed income of equity investees
    
23,599
      
—
      
—
      
—
  
—
    
—
  
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
    
—
      
—
      
—
      
—
  
—
    
—
  
Less:
            
—
      
—
      
—
  
—
    
—
  
Capitalized interest
    
—
      
—
      
—
      
—
  
—
    
—
  
Preference security dividend requirements of consolidated subsidiaries
    
—
      
—
      
—
      
—
  
—
    
—
  
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges
    
—
      
—
      
—
      
—
  
—
    
—
  
Total earnings
  
$
99,088
    
$
(22,743
)
  
$
(39,459
)
  
$
(26,857
)
 (9,887 )  
(15,399
)
                                         
Fixed charges:
                                        
Total interest expense
  
$
10
    
$
—
    
$
—
    
$
—
  
—
    
—
  
Capitalized interest
    
—
      
—
      
—
      
—
  
—
    
—
  
Interest factor in rents
    
—
      
—
      
—
      
—
  
—
    
—
  
Total fixed charges
  
$
—
    
$
—
    
$
—
    
$
—
  
—
    
—
  
                                         
Ratio of earnings to fixed charges
    
9,909
%
    
N/
A
    
N/
A
    
N/
A
 N/ A   
N/
A