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, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| Earnings: | |||||||||||||||||||
| Pre-tax income from continuing operations before earnings from equity method investments and other items | $ | (54,161 | ) | $ | (110,899 | ) | $ | (139,564 | ) | $ | (178,293 | ) | $ | (264,644 | ) | ||||
| Add: Fixed charges as calculated below | 205,269 | 229,152 | 231,967 | 232,037 | 270,872 | ||||||||||||||
| Add: Distributions from operations of equity method investments | 42,059 | 48,732 | 29,999 | 80,116 | 17,252 | ||||||||||||||
| Less: Capitalized interest | (8,477 | ) | (5,809 | ) | (5,337 | ) | (4,893 | ) | (2,590 | ) | |||||||||
| Total earnings | $ | 184,690 | $ | 161,176 | $ | 117,065 | $ | 128,967 | $ | 20,890 | |||||||||
| Fixed charges: | |||||||||||||||||||
| Interest expense | $ | 195,066 | $ | 221,398 | $ | 224,639 | $ | 224,483 | $ | 266,225 | |||||||||
| Add: Capitalized interest | 8,477 | 5,809 | 5,337 | 4,893 | 2,590 | ||||||||||||||
| Implied interest component on the company's rent obligations | 1,726 | 1,945 | 1,991 | 2,661 | 2,057 | ||||||||||||||
| Fixed charges | $ | 205,269 | $ | 229,152 | $ | 231,967 | $ | 232,037 | $ | 270,872 | |||||||||
| Preferred dividends | 64,758 | 51,320 | 51,320 | 51,320 | 49,020 | ||||||||||||||
| Fixed charges and preferred dividends | $ | 270,027 | $ | 280,472 | $ | 283,287 | $ | 283,357 | $ | 319,892 | |||||||||
Earnings to fixed charges(1) | — | — | — | — | — | ||||||||||||||
Earnings to fixed charges and preferred dividends(1) | — | — | — | — | — | ||||||||||||||
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| (1) | For the years ended December 31, 2017, 2016, 2015, 2014 and 2013 earnings were not sufficient to cover fixed charges by $20,579, $67,976, $114,902, $103,070 and $249,982, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $85,337, $119,296, $166,222, $154,390 and $299,002, respectively. |