EX-12 3 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 Ended

   

For the Years Ended December 31,

 
    September 30,                                          
   

2014

   

2013

   

2012

   

2011

   

2010

   

2009

 

Earnings:

                                               

Pretax income from continuing operations

  $ 98,883     $ 69,694     $ 29,100     $ 5,243     $ 5,670     $ 10,884  

Fixed charges

    226,695       231,178       105,926       4,837       9,611       14,235  

Dividends distributed to shareholders

    62,220       61,302       22,304       8,270       8,102       7,108  

Equity investee adjustment

    (1,173 )     (185 )     (38 )     (174 )     (64 )     -  

Noncontrolling interest

    -       -       97       (97 )     -       -  

Total Earnings

  $ 386,625     $ 361,989     $ 157,389     $ 18,079     $ 23,319     $ 32,227  
                                                 

Fixed Charges:

                                               

Interest expense

  $ 226,695     $ 231,178     $ 105,926     $ 4,837     $ 9,611     $ 14,235  

Total Fixed Charges

    226,695       231,178       105,926       4,837       9,611       14,235  

Preferred stock dividends

    4,359       3,568       -       -       -       -  

Total Combined Fixed Charges and Preferred Stock Dividends

  $ 231,054     $ 234,746     $ 105,926     $ 4,837     $ 9,611     $ 14,235  
                                                 

Ratio of earnings to fixed charges

    1.71       1.57       1.49       3.74       2.43       2.26  
                                                 

Ratio of earnings to combined fixed charges and preferred stock dividends

    1.67       1.54       1.49       3.74       2.43       2.26  
                                                 

Deficiency related to ratio of earnings to fixed charges

 

NA

   

NA

   

NA

   

NA

   

NA

   

NA

 
                                     

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

 

NA

   

NA

   

NA

   

NA

   

NA

   

NA