EX-12.1 3 exhibit121computationofrat.htm EXHIBIT Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges


Exhibit 12.1

Computation of Earnings to Fixed Charges
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
(In thousands)
Earnings (loss) before income taxes
$
453,479

 
$
617,087

 
$
202,528

 
$
(43,126
)
 
$
(391,204
)
Add:
 

 
 

 
 

 
 

 
 

Interest expense
68,040

 
81,349

 
134,601

 
146,549

 
121,321

Amortization of loan fees
6,541

 
6,860

 
8,926

 
9,739

 
6,870

Amortization of capitalized interest
1,580

 
1,479

 
1,231

 
1,140

 
1,326

Interest component of rental expense
7,271

 
7,857

 
5,873

 
5,779

 
6,130

Earnings (loss) as adjusted
$
536,911

 
$
714,632

 
$
353,159

 
$
120,081

 
$
(255,557
)
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
68,040

 
$
81,349

 
$
134,601

 
$
146,549

 
$
121,321

Amortization of loan fees
6,541

 
6,860

 
8,926

 
9,739

 
6,870

Capitalized interest
1,948

 
2,359

 
1,958

 
4,248

 
6,416

Interest component of rental expense
7,271

 
7,857

 
5,873

 
5,779

 
6,130

Fixed charges
$
83,800

 
$
98,425

 
$
151,358

 
$
166,315

 
$
140,737

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.41

 
7.26

 
2.33

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Coverage deficiency (1)
$
—

 
$
—

 
$
—

 
$
46,234

 
$
396,294

(1) Absent non-cash charges for asset impairments of $352.3 million that occurred during the year ended December 31, 2009, the coverage deficiency would have been $44.0 million.