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, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items | $ | (124,487 | ) | $ | (165,171 | ) | $ | (255,574 | ) | $ | (409,242 | ) | $ | (150,820 | ) | ||||
Add: Fixed charges as calculated below | 231,967 | 232,037 | 270,872 | 359,844 | 348,664 | ||||||||||||||
Add: Distributions from operations of equity method investments | 29,999 | 80,116 | 17,252 | 105,586 | 85,766 | ||||||||||||||
Less: Capitalized interest | (5,337 | ) | (4,893 | ) | (2,590 | ) | (1,794 | ) | (788 | ) | |||||||||
Total earnings | $ | 132,142 | $ | 142,089 | $ | 29,960 | $ | 54,394 | $ | 282,822 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense(1) | $ | 224,639 | $ | 224,483 | $ | 266,225 | $ | 356,161 | $ | 345,914 | |||||||||
Add: Capitalized interest | 5,337 | 4,893 | 2,590 | 1,794 | 788 | ||||||||||||||
Implied interest component on the company's rent obligations | 1,991 | 2,661 | 2,057 | 1,889 | 1,962 | ||||||||||||||
Fixed charges | $ | 231,967 | $ | 232,037 | $ | 270,872 | $ | 359,844 | $ | 348,664 | |||||||||
Preferred dividends | 51,320 | 51,320 | 49,020 | 42,320 | 42,320 | ||||||||||||||
Fixed charges and preferred dividends | $ | 283,287 | $ | 283,357 | $ | 319,892 | $ | 402,164 | $ | 390,984 | |||||||||
Earnings to fixed charges(2) | — | — | — | — | — | ||||||||||||||
Earnings to fixed charges and preferred dividends(2) | — | — | — | — | — |
_______________________________________________________________________________
(1) | For the years ended December 31, 2012 and 2011, interest expense includes $1,064 and $3,728, respectively, of interest expense reclassified to discontinued operations. |
(2) | For the years ended December 31, 2015, 2014, 2013, 2012 and 2011 earnings were not sufficient to cover fixed charges by $99,825, $89,948, $240,912, $305,450 and $65,842, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $151,145, $141,268, $289,932, $347,770 and $108,162, respectively. |