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)

 

 

 

 

_______________________________________________________________________________
(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.