EX-12.1 3 ex1211.htm EX-12.1 EX12.1 (1)


Exhibit 12.1

SCHEDULE OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



 
 
Years Ended December 31,
 
 
 
2008
 
2009
 
2010
 
2011
 
2012
 
2013
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and cumulative effect of accounting change
 
$
104,538

 
$
(41,848
)
 
$
(20,804
)
 
$
53,969

 
$
116,453

 
$
(27,568
)
 
Interest expense
 
35,903

 
55,857

 
72,307

 
86,192

 
93,200

 
93,890

 
(Gain)/loss on investment in equity investees in excess of distributed earnings
 
—

 
164

 
2,243

 
—

 
361

 
958

 
Amortization of capitalized interest
 
—

 
152

 
267

 
170

 
115

 
381

 
Loan cost amortization
 
—

 
—

 
—

 
523

 
2,906

 
2,928

 
Earnings
 
$
140,441

 
$
14,325

 
$
54,013

 
$
140,854

 
$
213,035

 
$
70,589

 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
35,903

 
$
55,857

 
$
72,307

 
$
86,192

 
$
93,200

 
$
93,890

 
Capitalized interest
 
2,040

 
2,764

 
593

 
883

 
2,249

 
1,131

 
Loan cost amortization
 
—

 
—

 
—

 
523

 
2,906

 
2,928

 
Fixed Charges
 
$
37,943

 
$
58,621

 
$
72,900

 
$
87,598

 
$
98,355

 
$
97,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.7

 
0.2

 
0.7

 
1.6

 
2.2

 
0.7

 
Insufficient Coverage
 
$
—

 
$
44,296

 
$
18,887

 
$
—

 
$
—

 
$
27,360