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, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items | $ | (165,171 | ) | $ | (255,574 | ) | $ | (409,242 | ) | $ | (150,820 | ) | $ | (253,818 | ) | ||||
Add: Fixed charges as calculated below | 232,037 | 270,872 | 359,844 | 348,664 | 349,041 | ||||||||||||||
Add: Distributions from operations of equity method investments | 80,116 | 17,252 | 105,586 | 85,766 | 32,650 | ||||||||||||||
Less: Capitalized interest | (4,893 | ) | (2,590 | ) | (1,794 | ) | (788 | ) | (466 | ) | |||||||||
Total earnings | $ | 142,089 | $ | 29,960 | $ | 54,394 | $ | 282,822 | $ | 127,407 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense(1) | $ | 224,483 | $ | 266,225 | $ | 356,161 | $ | 345,914 | $ | 346,500 | |||||||||
Add: Capitalized interest | 4,893 | 2,590 | 1,794 | 788 | 466 | ||||||||||||||
Implied interest component on the company's rent obligations | 2,661 | 2,057 | 1,889 | 1,962 | 2,075 | ||||||||||||||
Fixed charges | $ | 232,037 | $ | 270,872 | $ | 359,844 | $ | 348,664 | $ | 349,041 | |||||||||
Preferred dividends | 51,320 | 49,020 | 42,320 | 42,320 | 42,320 | ||||||||||||||
Fixed charges and preferred dividends | $ | 283,357 | $ | 319,892 | $ | 402,164 | $ | 390,984 | $ | 391,361 | |||||||||
Earnings to fixed charges(2) | — | — | — | — | — | ||||||||||||||
Earnings to fixed charges and preferred dividends(2) | — | — | — | — | — |
Explanatory Notes:
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(1) | For the years ended December 31, 2012, 2011 and 2010, interest expense includes $1,064, $3,728 and $32,734, respectively, of interest expense reclassified to discontinued operations. |
(2) | For the years ended December 31, 2014, 2013, 2012, 2011 and 2010 earnings were not sufficient to cover fixed charges by $89,948, $240,912, $305,450, $65,842 and $221,634, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $141,268, $289,932, $347,770, $108,162 and $263,954, respectively. |