EX-12.1 2 a2213212zex-12_1.htm EX-12.1
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EXHIBIT 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  Year Ended
December 31, 2012
  Year Ended
December 31, 2011
  For the Period
from Inception to
December 31, 2010
 
 
  (in thousands, except ratio)
 

Earnings:

                   

Net income (loss)

  $ 131,919   $ 53,232   $ (52,040 )

Add:

                   

Provision (benefit) for income taxes

    72,054     29,609     (8,875 )

Fixed charges

    167,638     68,797     53,673  

Less:

                   

Capitalized interest

    (19,388 )   (10,390 )   (1,769 )
               

Earnings as adjusted (A)

  $ 352,223   $ 141,248   $ (9,011 )

Fixed charges:

                   

Interest expense

  $ 147,413   $ 57,692   $ 51,743  

Capitalized interest

    19,388     10,390     1,769  

Interest factors of rents(2)

    837     715     161  

Fixed charges as adjusted (B)

  $ 167,638   $ 68,797   $ 53,673  

Ratio of earnings (loss) to fixed charges ((A) divided by (B))(1)

    2.10     2.05      

(1)
For the period from inception to December 31, 2010, earnings were insufficient to cover fixed charges by $62.7 million.

(2)
Estimated to be 1/3 of rent expense.



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES