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 Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items(1) | $ | (255,574 | ) | $ | (409,242 | ) | $ | (150,820 | ) | $ | (253,818 | ) | $ | (785,647 | ) | ||||
Add: Fixed charges as calculated below | 270,872 | 359,844 | 348,664 | 349,041 | 485,624 | ||||||||||||||
Add: Distributions of earnings from equity method investments | 17,252 | 105,586 | 85,766 | 32,650 | 36,766 | ||||||||||||||
Less: Capitalized interest | (2,590 | ) | (1,794 | ) | (788 | ) | (466 | ) | (263 | ) | |||||||||
Total earnings | $ | 29,960 | $ | 54,394 | $ | 282,822 | $ | 127,407 | $ | (263,520 | ) | ||||||||
Fixed charges: | |||||||||||||||||||
Interest expense(2) | $ | 266,225 | $ | 356,161 | $ | 345,914 | $ | 346,500 | $ | 481,116 | |||||||||
Add: Capitalized interest | 2,590 | 1,794 | 788 | 466 | 263 | ||||||||||||||
Implied interest component on the company's rent obligations | 2,057 | 1,889 | 1,962 | 2,075 | 4,245 | ||||||||||||||
Fixed charges | $ | 270,872 | $ | 359,844 | $ | 348,664 | $ | 349,041 | $ | 485,624 | |||||||||
Preferred dividends | 49,020 | 42,320 | 42,320 | 42,320 | 42,320 | ||||||||||||||
Fixed charges and preferred dividends | $ | 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:
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(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 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. |