EX-12.1 3 t1600415_ex12-1.htm EXHIBIT 12.1

 

 

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth our ratio of earnings to fixed charges 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 gains and losses related to retiring certain debt early. We have calculated the ratio of earnings to fixed charges by adding net income to fixed charges and dividing that sum by such fixed charges.

 

   Year ended December 31,   Three months ended
March 31,		 
(in thousands, except for ratios)  2011   2012   2013   2014   2015   2015   2016 
Net income  $52,606   $120,698   $172,521   $221,349   $233,315   $43,052   $58,196 
Interest expense(1)   86,899    106,096    92,048    126,869    183,208    43,089    39,652 
Income before fixed charges  $139,505   $226,794   $264,569   $348,218   $416,523   $86,141   $97,848 
Capitalized interest  $139   $240   $190   $—   $3,701   $20   $1,720 
                                    
Interest expense(1)   86,899    106,096    92,048   $126,869   $183,208   $43,089   $39,652 
Total fixed charges  $87,038   $106,336   $92,238   $126,869   $186,909   $43,109   $41,372 
                                    
Earnings/fixed charges coverage ratio   1.6x   2.1x   2.9x   2.7x   2.2x   2.0x   2.4x

 

 

(1)Includes interest refinancing costs, gains and losses on refinancing and amortization of deferred financing costs.