EX-12.1 3 a2218512zex-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,   For the Period
from Inception to
December 31,
2010 		 
(in thousands, except ratio)
  2013   2012   2011  

Earnings:

                          

Net income (loss)

   $ 190,411   $ 131,919   $ 53,232   $ (52,040 )

Add:

                          

Provision for income taxes

     103,031     72,054     29,609     (8,875 )

Fixed charges

     225,740     167,639     68,797     53,673  

Less:

                          

Capitalized interest

     (32,659 )   (19,389 )   (10,390 )   (1,769 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings as adjusted (A)

   $ 486,523   $ 352,223   $ 141,248   $ (9,011 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Fixed charges

                          

Interest expense

   $ 192,370   $ 147,413   $ 57,692   $ 51,743  

Capitalized interest

     32,659     19,389     10,390     1,769  

Interest factors of rents(2)

     711     837     715     161  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges as adjusted (B)

   $ 225,740   $ 167,639   $ 68,797   $ 53,673  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

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

     2.16     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