EX-12 2 ex12-1.htm EXHIBIT 12.1 ex12-1.htm

Exhibit 12.1

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

 

   

For the Nine Months

   

For the Years Ended December 31,

 
   

Ended September 30,

                                         
     

2013 

   

2012

   

2011

   

2010

   

2009

   

2008

 

Earnings:

                                               

Pretax income (loss) from continuing operations

  $ 46,199     $ 29,100     $ 5,243     $ 5,670     $ 10,884     $ (25,764 )

Fixed charges

    162,594       105,926       4,837       9,611       14,235       36,260  

Dividends distributed to shareholders

    44,088       22,304       8,270       8,102       7,108       4,100  

Equity investee adjustment

    93       (38 )     (174 )     (64 )     -       -  

Noncontrolling interest

    -       97       (97 )     -       -       -  

Total Earnings

  $ 252,974     $ 157,389     $ 18,079     $ 23,319     $ 32,227     $ 14,596  
                                                 

Fixed Charges:

                                               

Interest expense

  $ 162,594     $ 105,926     $ 4,837     $ 9,611     $ 14,235     $ 36,260  

Total Fixed Charges

    162,594       105,926       4,837       9,611       14,235       36,260  

Preferred stock dividends

    2,115       -       -       -       -       -  

Total Combined Fixed Charges and Preferred Stock Dividends

  $ 164,709     $ 105,926     $ 4,837     $ 9,611     $ 14,235     $ 36,260  
                                                 

Ratio of earnings to fixed charges

    1.56       1.49       3.74       2.43       2.26       0.40  
                                                 

Ratio of earnings to combined fixed charges and preferred stock dividends

    1.54       1.49       3.74       2.43       2.26       0.40  
                                                 

Deficiency related to ratio of earnings to fixed charges

 

NA

   

NA

   

NA

   

NA

   

NA

    $ (21,664 )

Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends

 

NA

   

NA

   

NA

   

NA

   

NA

    $ (21,664 )