EX-12.1 2 a2218408zex-12_1.htm EX-12.1
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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

 
   Years Ended December 31,  
 
   2013   2012   2011   2010   2009  

Earnings:

                                

Income (loss) before income taxes

   $ (1,380,378 ) $ (67,066 ) $ 5,399   $ 3,412   $ (74,730 )

Adjustments:

                                

Equity investment loss (income)

     (97 )   (373 )   —     —     —  

Interest capitalized

     (203,993 )   (53,492 )   —     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes, as adjusted

   $ (1,584,468 ) $ (120,931 ) $ 5,399   $ 3,412   $ (74,730 )

Fixed charges

     262,046     86,589     17,808     23,087     19,021  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

   $ (1,322,422 ) $ (34,342 ) $ 23,207   $ 26,499   $ (55,709 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed charges:

                                

Interest expense and amortization of finance costs

   $ 259,159   $ 85,372   $ 17,373   $ 22,655   $ 18,590  

Rental expense representative of interest factor

     2,887     1,217     435     432     431  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 262,046   $ 86,589   $ 17,808   $ 23,087   $ 19,021  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to fixed charges

     — (1)   — (2)   1.3     1.1     — (4)
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Total fixed charges

   $ 262,046   $ 86,589   $ 17,808   $ 23,087   $ 19,021  

Pre-tax preferred dividend requirements

     12,132     110,075     —     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges plus preference dividends

   $ 274,178   $ 196,664   $ 17,808   $ 23,087   $ 19,021  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of earnings to combined fixed charges and preference dividends

     — (1)   — (3)   1.3     1.1     — (4)
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
Due to the Company's "Loss before income taxes, as adjusted" in 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.

(2)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.

(3)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.

(4)
Due to the Company's "Loss before income taxes, as adjusted" in 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $74.7 million to achieve a coverage ratio of 1:1.



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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)