Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income | $ | 196,019 | $ | 104,135 | (1) | $ | 267,165 | (2) | $ | 236,236 | (3) | $ | 188,919 | (4) | ||||||
Plus: Distributions of earnings from unconsolidated investments | — | — | — | 24,113 | 43,005 | |||||||||||||||
Plus: Fixed charges | 41,677 | 49,180 | 53,972 | 64,396 | 80,185 | |||||||||||||||
Less: Non-controlling interest | — | (998 | ) | — | — | — | ||||||||||||||
Less: Capitalized interest | (42 | ) | — | — | — | — | ||||||||||||||
Less: Equity and other unconsolidated investments income | — | — | — | (34,186 | ) | (41,416 | ) | |||||||||||||
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Total earnings | $ | 237,696 | $ | 152,317 | $ | 321,137 | $ | 290,559 | $ | 270,693 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 41,635 | $ | 49,180 | $ | 53,972 | $ | 64,396 | $ | 80,185 | ||||||||||
Plus: Capitalized interest | 42 | — | — | — | — | |||||||||||||||
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Total fixed charges | $ | 41,677 | $ | 49,180 | $ | 53,972 | $ | 64,396 | $ | 80,185 | ||||||||||
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Ratio of earnings to fixed charges | 5.70x | 3.10x | (1) | 5.95x | (2) | 4.51x | (3) | 3.38x | (4) |
(1) | Includes asset impairment charges of $161.3 million. Excluding these charges, the ratio for 2011 would have been 6.40x. |
(2) | Includes asset impairment charges of $2.5 million. Excluding these charges charge, the ratio for 2012 would have been 6.00x. |
(3) | Includes asset impairment charges of $0.7 million. Excluding these charges, the ratio for 2013 would have been 4.52x. |
(4) | Includes asset impairment charges of $26.2 million. Excluding these charges, the ratio for 2014 would have been 3.70x. |