EX-12.1 7 d23462dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to combined fixed charges for the periods indicated on a consolidated historical basis. For purposes of computing the ratio of earnings to fixed charges, “earnings” are defined as income before taxes plus fixed charges less capitalized interest. “Fixed charges” consist of interest expensed and capitalized and an estimate of interest within rent expense.

 

(Dollars in thousands)    Nine Months
Ended
September 30,		     Twelve Months Ended December 31,  
     2015     2014     2013     2012     2011     2010  

Earnings:

     

Income from continuing operations before income taxes

    $ (658,190 )    $ 183,124      $ 46,075      $ 406,687      $ 872,926      $ 430,958   

Fixed charges, as shown below

      178,229        279,163        292,958        285,784        289,123        240,177   

Amortization of capitalized interest

      6,770        8,278        6,520        4,978        6,595        5,836   

Equity in income of investees, net of distributions

      (13,094 )      (39,821 )      (20,095 )      (11,548 )      (17,463 )      (7,996 ) 

Interest capitalized

      (1,767 )      (13,573 )      (43,717 )      (38,054 )      (15,547 )      (13,393 ) 

Noncontrolling Interest

      —          —          1,386        397        —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings

    $ (488,052 )    $ 417,171      $ 283,127      $ 648,244      $ 1,135,634      $ 655,582   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

     

Interest on indebtedness, expensed or capitalized

    $ 151,954      $ 237,137      $ 262,915      $ 258,096      $ 263,891      $ 218,425   

Interest within rent expense

      26,275        42,026        30,043        27,688        25,232        21,752   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 178,229      $ 279,163      $ 292,958      $ 285,784      $ 289,123      $ 240,177   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges(1)

      (2.74 )      1.49        0.97        2.27        3.93        2.73   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) For the nine months ended September 30, 2015, our earnings would have needed to have been higher by $667 million for our ratio of earnings to fixed charges to be 1.00.