EX-12.1 4 h85268exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our consolidated ratio of earnings to fixed charges for the periods shown:
                                                 
    Six Months        
    Ended June 30,     Year Ended December 31,  
(dollars in thousands)   2011     2010     2009     2008     2007     2006  
Ratio of earnings to fixed charges (1):
                                                
Earnings from continuing operations before fixed charges:
                                                
Income from continuing operations before income taxes, minority interest and income / loss from equity investees
   $ 93,868     $ 116,857     $ (100,793 )   $ 518,006     $ 420,253     $ 285,038  
Amortization of capitalized interest
     909       1,596       1,270       854       422       362  
Distributed income of equity investees
     1,537       11,150       6,006       17,272       —       —  
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
     —       —       —       —       —       —  
 
                                    
Adjusted pre-tax earnings from continuing operations
     96,314       129,603       (93,517 )     536,132       420,675       285,400  
Fixed charges less capitalized interest
     31,869       57,377       50,906       46,684       48,436       23,867  
 
                                    
Earnings from continuing operations before fixed charges:
   $ 128,183     $ 186,980     $ (42,611 )   $ 582,816     $ 469,111     $ 309,267  
 
                                    
 
                                                
Fixed charges:
                                                
Interest expenses, net of capitalized interest
   $ 19,169     $ 33,423     $ 29,162     $ 26,721     $ 29,739     $ 21,629  
Capitalized Interest
     2,479       2,737       2,912       3,110       1,486       924  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     12,700       23,954       21,744       19,963       18,697       2,238  
 
                                    
Total fixed charges
   $ 34,348     $ 60,114     $ 53,818     $ 49,794     $ 49,922     $ 24,791  
 
                                    
 
                                                
Ratio of earnings to fixed charges (2)
     3.73       3.11       (0.79 )     11.70       9.40       12.47  
 
                                    
Notes
 
(1)   The ratio was computed by dividing earnings by fixed charges. For this purpose, “earnings” represent the aggregate of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, amortization of capitalized interest, distributed income of equity investees, our share of pre-tax losses of equity investees, and fixed charges less capitalized interest.
 
(2)   The ratio for the year ended December 31, 2009 indicates less than one-to-one coverage. The amount of this deficiency equates to $96.4 million.