EX-12.1 2 a2223648zex-12_1.htm EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Share Distributions
(Amounts in thousands)

 
   Successor
Company 		  Predecessor Company  
 
   Eight months
ended
December 31,
2014 		  Four months
ended
April 30,
2014 		  Year ended
December 31,
2013 		  Year ended
December 31,
2012 		  Year ended
December 31,
2011 		  Year ended
December 31,
2010 		 

Earnings:

                                      

Income (loss) before income taxes

   $ (218,745 ) $ 106,142   $ 293,697   $ 348,230   $ 326,083   $ 371,766  

Add: Fixed charges from below

     144,437     64,362     190,159     216,608     183,067     156,852  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings before income taxes and fixed charges

   $ (74,308 ) $ 170,504   $ 483,856   $ 564,838   $ 509,150   $ 528,618  

Fixed charges:

                                      

Interest expense

   $ 144,437   $ 64,362   $ 190,159   $ 216,608   $ 183,067   $ 156,852  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 144,437   $ 64,362   $ 190,159   $ 216,608   $ 183,067   $ 156,852  

Ratio of earnings (loss) to fixed charges

       (1)   2.6x     2.5x     2.6x     2.8x     3.4x  

Total fixed charges

   $ 144,437   $ 64,362   $ 190,159   $ 216,608   $ 183,067   $ 156,852  

Preferred share distributions

     20,673     6,891     27,411     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges and preferred share distributions

   $ 165,110   $ 71,253   $ 217,570   $ 216,608   $ 183,067   $ 156,852  

Ratio of earnings (loss) to fixed charges and preferred share distributions

       (1)   2.4x     2.2x     2.6x     2.8x     3.4x  
(1)
Ratios for the period indicated were less than one, as earnings were insufficient to cover fixed charges. The coverage deficiencies for total fixed charges and total fixed charges and preferred share distributions totaled approximately $218.7 million and $239.4 million, respectively.