EX-12.1 4 exhibit121-ratioofincometo.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Computation of Ratio of Income to Fixed Charges
(in thousands)

 
2011
 
2012
 
2013
 
2014
 
2015
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and effects of changes in accounting principles
$
(165,704
)
 
$
(87,683
)
 
$
(8,272
)
 
$
(1,603
)
 
$
12,386

Less: net income (loss) from non-controlling interests
(296
)
 
2,552

 
1,205

 
329

 
—

Plus: fixed charges
10,088

 
9,266

 
9,330

 
18,148

 
28,277

Plus: amortization of previously capitalized interest
273

 
913

 
2,455

 
4,622

 
11,041

Less: capitalized interest
439

 
1,263

 
6,466

 
12,302

 
19,168

Earnings
$
(155,486
)
 
$
(81,319
)
 
$
(4,158
)
 
$
8,536

 
$
32,536

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
8,192

 
$
6,658

 
$
7,769

 
$
16,078

 
$
25,590

Amortization of discount and debt issue costs
1,763

 
2,578

 
1,527

 
2,029

 
2,617

Interest portion of rental expense
133

 
30

 
34

 
41

 
70

Fixed charges
$
10,088

 
$
9,266

 
$
9,330

 
$
18,148

 
$
28,277

Ratio of earnings to fixed charges
N/A

 
N/A

 
N/A

 
0.47

 
1.15

Excess (deficiency) amount
$
(165,574
)
 
$
(90,585
)
 
$
(13,488
)
 
$
(9,612
)
 
$
4,259