EX-12.1 2 starexhibit12112312017.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends
(\$ in thousands, except ratios)

 For the Years Ended December 31, 2017 2016 2015 2014 2013 Earnings: Pre-tax income from continuing operations before earnings from equity method investments and other items \$ (54,161 ) \$ (110,899 ) \$ (139,564 ) \$ (178,293 ) \$ (264,644 ) Add: Fixed charges as calculated below 205,269 229,152 231,967 232,037 270,872 Add: Distributions from operations of equity method investments 42,059 48,732 29,999 80,116 17,252 Less: Capitalized interest (8,477 ) (5,809 ) (5,337 ) (4,893 ) (2,590 ) Total earnings \$ 184,690 \$ 161,176 \$ 117,065 \$ 128,967 \$ 20,890 Fixed charges: Interest expense \$ 195,066 \$ 221,398 \$ 224,639 \$ 224,483 \$ 266,225 Add: Capitalized interest 8,477 5,809 5,337 4,893 2,590 Implied interest component on the company's rent obligations 1,726 1,945 1,991 2,661 2,057 Fixed charges \$ 205,269 \$ 229,152 \$ 231,967 \$ 232,037 \$ 270,872 Preferred dividends 64,758 51,320 51,320 51,320 49,020 Fixed charges and preferred dividends \$ 270,027 \$ 280,472 \$ 283,287 \$ 283,357 \$ 319,892 Earnings to fixed charges(1) — — — — — Earnings to fixed charges and preferred dividends(1) — — — — —
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 (1) For the years ended December 31, 2017, 2016, 2015, 2014 and 2013 earnings were not sufficient to cover fixed charges by \$20,579, \$67,976, \$114,902, \$103,070 and \$249,982, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by \$85,337, \$119,296, \$166,222, \$154,390 and \$299,002, respectively.