Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends
($ in thousands, except ratios)
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| For the Six |
| For the Years Ended December 31, |
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|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Earnings: |
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Pre-tax income from continuing operations before earnings from equity method investments and other items |
| $ | 38,903 |
| $ | (110,899 | ) | $ | (139,564 | ) | $ | (178,293 | ) | $ | (264,644 | ) | $ | (411,106 | ) |
Add: Fixed charges as calculated below |
| 105,323 |
| 229,152 |
| 231,967 |
| 232,037 |
| 270,872 |
| 359,844 |
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Add: Distributions from operations of equity method investments |
| 35,502 |
| 48,732 |
| 29,999 |
| 80,116 |
| 17,252 |
| 105,586 |
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Less: Capitalized interest |
| (4,010 | ) | (5,809 | ) | (5,337 | ) | (4,893 | ) | (2,590 | ) | (1,794 | ) | ||||||
Total earnings |
| $ | 175,718 |
| $ | 161,176 |
| $ | 117,065 |
| $ | 128,967 |
| $ | 20,890 |
| $ | 52,530 |
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Fixed charges: |
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Interest expense(1) |
| $ | 100,332 |
| $ | 221,398 |
| $ | 224,639 |
| $ | 224,483 |
| $ | 266,225 |
| $ | 356,161 |
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Add: Capitalized interest |
| 4,010 |
| 5,809 |
| 5,337 |
| 4,893 |
| 2,590 |
| 1,794 |
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Implied interest component on the company’s rent obligations |
| 981 |
| 1,945 |
| 1,991 |
| 2,661 |
| 2,057 |
| 1,889 |
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Fixed charges |
| $ | 105,323 |
| $ | 229,152 |
| $ | 231,967 |
| $ | 232,037 |
| $ | 270,872 |
| $ | 359,844 |
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Preferred dividends |
| 25,660 |
| 51,320 |
| 51,320 |
| 51,320 |
| 49,020 |
| 42,320 |
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Fixed charges and preferred dividends |
| $ | 130,983 |
| $ | 280,472 |
| $ | 283,287 |
| $ | 283,357 |
| $ | 319,892 |
| $ | 402,164 |
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Earnings to fixed charges(2) |
| 1.67x |
| — |
| — |
| — |
| — |
| — |
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Earnings to fixed charges and preferred dividends(2) |
| 1.34x |
| — |
| — |
| — |
| — |
| — |
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(1) For the years ended December 31, 2012, interest expense includes $1,064 of interest expense reclassified to discontinued operations.
(2) For the years ended December 31, 2016, 2015, 2014, 2013 and 2012 earnings were not sufficient to cover fixed charges by $67,976, $114,902, $103,070, $249,982 and $307,314, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $119,296, $166,222, $154,390, $299,002 and $349,634, respectively.
