Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
The following table sets forth for the periods indicated our ratio of earnings to combined fixed charges and dividends on our preferred stock.
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
Earnings before minority interests and income taxes | (41,710 | ) | (52,803 | ) | (28,327 | ) | 1,668 | 8,306 | ||||||||||||
Fixed charges | 69,934 | 18,103 | 3,705 | 382 | 335 | |||||||||||||||
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Adjusted earnings | 28,224 | (34,700 | ) | (24,622 | ) | 2,050 | 8,641 | |||||||||||||
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FIXED CHARGES | ||||||||||||||||||||
Interest expense, excluding loss on early extinguishment of debt | 42,495 | 15,798 | 3,207 | 191 | 205 | |||||||||||||||
Portion of rental payments deemed to be interest | 27,439 | 2,305 | 498 | 191 | 130 | |||||||||||||||
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Fixed charges | 69,934 | 18,103 | 3,705 | 382 | 335 | |||||||||||||||
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Preference dividends, net of tax | 2,941 | 2,972 | 2,993 | 2,189 | — | |||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preference Dividends(1) | — | — | — | — | 25.8 |
(1) | In the years ended December 31, 2014, 2013, 2012 and 2011, the ratio coverage is less than 1:1 and defaults to 0. The amounts (in thousands) of the deficiencies in the years ended December 31, 2014, 2013, 2012 and 2011 is $44,651, $55,775, $31,320 and $521, respectively. |