EX-12.1 4 d301747dex121.htm COMPUTATION OF RATIO OF EARNING TO FIXED CHARGES Computation Of Ratio of Earning to Fixed Charges

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(Expressed in thousands of U.S. Dollars, except ratios)

    Year Ended
December 31,
2011		      Year Ended
December 31,
2010		      Year Ended
December 31,
2009		      Year Ended
December 31,
2008		     Year Ended
December 31,
2007		  

Earnings:

              

Pre-tax income (loss) before income (loss) from equity investees

    $ 54,336      $ 305,891      $ 256,236      $ (174,086 )    $ 302,827  

Fixed charges

      29,658        30,556        23,260        37,462       43,562  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Earnings (Loss)

    $ 83,994      $ 336,447      $ 279,496      $ (136,624 )    $ 346,389  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Fixed Charges:

              

Interest and amortization on indebtedness

    $ 26,923      $ 28,467      $ 21,453      $ 36,143     $ 42,702  

Rental expense at 33.3% (1)

      2,735        2,089        1,807        1,319       860  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Fixed Charges

    $ 29,658      $ 30,556      $ 23,260      $ 37,462     $ 43,562  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      2.8        11.0        12.0        (3.7 )      8.0  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Deficiency

      N/A         N/A         N/A       $ (174,086 )      N/A   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

(1) 33.3% represents a reasonable approximation of the interest factor.