EX-12.1 3 d457178dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratios of earnings to fixed charges for each of the periods indicated. All dollar amounts are reported in thousands.

 

     2012     2011      2010     2009     2008  

Net Income (loss)(1)

    $ (86,486 )    $ 19,765       $ (276,810 )    $ (8,645 )    $ 7,418   

Fixed Charges:

            

Total Fixed Charges(2)

      7,266        9,261         13,096        12,127        12,256   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Total

      7,266        9,261         13,096        12,127        12,256   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Earnings (loss)

    $ (79,220 )    $ 29,026       $ (263,714 )    $ 3,482      $ 19,674   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Ratio of earnings (loss) to fixed charges(3)

      —         3.13x         —         —         1.61x   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

 

(1) Net income is the equivalent of income from continuing operations, as CEP has no discontinued operations, minus income from equity affiliates that exceeded dividends from affiliates.
(2) Fixed charges equal the sum of the following: interest expensed and capitalized; amortized premiums, discounts, and capitalized expenses related to indebtedness; and a reasonable approximation of the interest within rent expense.
(3) Earnings were inadequate to cover fixed charges in certain periods. The coverage deficiency totaled approximately $86 million, $277.0 million, and $9 million, for the fiscal years ended December 31, 2012, 2010, and 2009, respectively.