Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends
($ in thousands, except ratios)
|
| For the Six |
| For the Years Ended December 31, |
| ||||||||||||||
|
| June 30, 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items(1) |
| $ | (79,437 | ) | $ | (255,574 | ) | $ | (409,242 | ) | $ | (150,820 | ) | $ | (253,818 | ) | $ | (785,647 | ) |
Add: Fixed charges as calculated below |
| 117,319 |
| 270,872 |
| 359,844 |
| 348,664 |
| 349,041 |
| 485,624 |
| ||||||
Add: Distributions of earnings from equity method investments |
| 10,939 |
| 17,252 |
| 105,586 |
| 85,766 |
| 32,650 |
| 36,766 |
| ||||||
Less: Capitalized interest |
| (1,939 | ) | (2,590 | ) | (1,794 | ) | (788 | ) | (466 | ) | (263 | ) | ||||||
Total earnings |
| $ | 46,882 |
| $ | 29,960 |
| $ | 54,394 |
| $ | 282,822 |
| $ | 127,407 |
| $ | (263,520 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense(2) |
| $ | 113,986 |
| $ | 266,225 |
| $ | 356,161 |
| $ | 345,914 |
| $ | 346,500 |
| $ | 481,116 |
|
Add: Capitalized interest |
| 1,939 |
| 2,590 |
| 1,794 |
| 788 |
| 466 |
| 263 |
| ||||||
Implied interest component on the company’s rent obligations |
| 1,394 |
| 2,057 |
| 1,889 |
| 1,962 |
| 2,075 |
| 4,245 |
| ||||||
Fixed charges |
| $ | 117,319 |
| $ | 270,872 |
| $ | 359,844 |
| $ | 348,664 |
| $ | 349,041 |
| $ | 485,624 |
|
Preferred dividends |
| 25,660 |
| 49,020 |
| 42,320 |
| 42,320 |
| 42,320 |
| 42,320 |
| ||||||
Fixed charges and preferred dividends |
| $ | 142,979 |
| $ | 319,892 |
| $ | 402,164 |
| $ | 390,984 |
| $ | 391,361 |
| $ | 527,944 |
|
Earnings to fixed charges(3) |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Earnings to fixed charges and preferred dividends(3) |
| — |
| — |
| — |
| — |
| — |
| — |
|
Explanatory Notes:
(1) |
| Prior period presentation has been restated to conform to current period presentation. |
(2) |
| For the years ended December 31, 2013, 2012, 2011, 2010 and 2009, interest expense includes $0, $1,064, $3,728, $32,734 and $69,326, respectively, of interest expense reclassified to discontinued operations. |
(3) |
| For the six months ended June 30, 2014, earnings were not sufficient to cover fixed charges by $70,437 and earnings were not sufficient to cover fixed charges and preferred dividends by $96,097. For the years ended December 31, 2013, 2012, 2011, 2010 and 2009 earnings were not sufficient to cover fixed charges by $240,912, $305,450, $65,842, $221,634 and $749,144, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $289,932, $347,770, $108,162, $263,954 and $791,464, respectively. |