EX-12.1 5 a2235835zex-12_1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

2013

 

2014

 

2015

 

2016

 

2017

 

Q1 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

(311,366

)

$

32,990

 

$

(664,856

)

$

(170,378

)

$

(139,627

)

$

(24,937

)

Fixed charges and preferred dividends

 

89,112

 

70,107

 

65,776

 

59,844

 

58,184

 

13,209

 

Amortization of capitalized interest

 

248

 

199

 

52

 

5

 

—

 

—

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Preferred Dividends

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total adjusted earnings available for payment of fixed charges

 

$

(222,006

)

$

103,296

 

$

(599,029

)

$

(110,529

)

$

(81,443

)

$

(11,728

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

83,765

 

$

65,359

 

$

60,682

 

56,539

 

$

55,515

 

$

12,528

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Amortization of debt-related expenses

 

4,743

 

4,264

 

4,623

 

2,834

 

2,195

 

562

 

Rental expense representative of interest factor

 

605

 

484

 

471

 

471

 

474

 

119

 

Preferred dividends

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

89,112

 

$

70,107

 

$

65,776

 

$

59,844

 

58,184

 

13,209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

(2.5

)

1.5

 

(9.1

)

(1.8

)

(1.4

)

(0.9

)

 

Due to our net loss for all periods shown other than the year ended December 31, 2014, the coverage ratio in those periods was less than 1:1.  To achieve a coverage ratio of 1.1, we would have needed additional earnings as follows: for the quarter ended March 31, 2018, $25.0 million, and for the years ended December 31, 2017, 2016, 2015 and 2013, $139.6 million, $170.4 million, $664.8 million and 311.1 million, respectively.