EX-12.2 6 t1600085_ex12-2.htm EXHIBIT 12.2

 

 

Exhibit 12.2

 

RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early. We have calculated the ratio of earnings to combined fixed charges and preferred stock dividends by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges plus preferred dividends, irrespective of whether or not such dividends were actually paid.

 

   Year Ended December 31,
   2011   2012   2013   2014   2015 
   (in thousands) 
Income from continuing operations before income taxes  $52,606   $120,698   $172,521   $221,349   $234,526 
Interest expense   86,899    106,096    92,048    126,869    183,208 
Income before fixed charges  $139,505   $226,794   $264,569   $348,218   $417,734 
                          
Capitalized interest  $139   $240   $190   $   $3,701 
Interest expense   86,899    106,096    92,048    126,869    183,208 
Preferred stock dividends   1,691                 
Total fixed charges and preferred dividends  $88,729   $106,336   $92,238   $126,869   $186,909 
Earnings / combined fixed charges and preferred dividends coverage ratio   1.6x   2.1x   2.9x   2.7x   2.2x