Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||
| Pre-tax income from continuing operations | $ | 48,379 | $ | 2,218 | $ | (311,366 | ) | $ | 32,990 | $ | (664,856 | ) | ||||||||
| Fixed charges | 52,255 | 96,698 | 89,112 | 70,107 | 65,776 | |||||||||||||||
| Amortization of capitalized interest | 984 | 790 | 1,020 | 199 | 52 | |||||||||||||||
| Interest capitalized | (1,432 | ) | (531 | ) | — | — | — | |||||||||||||
| Total adjusted earnings available for payment of fixed charges | $ | 100,186 | $ | 99,175 | $ | (221,234 | ) | $ | 103,296 | $ | (599,028 | ) | ||||||||
| Fixed charges | ||||||||||||||||||||
| Interest expense | $ | 53,503 | $ | 90,132 | $ | 83,765 | $ | 65,359 | $ | 60,682 | ||||||||||
| Interest capitalized | 1,432 | 531 | — | — | — | |||||||||||||||
| Amortization of debt-related expenses | 5,113 | 5,374 | 4,743 | 4,264 | 4,623 | |||||||||||||||
| Rental expense representative of interest factor | 503 | 661 | 605 | 484 | 471 | |||||||||||||||
| Total fixed charges | $ | 60,551 | $ | 96,698 | $ | 89,113 | $ | 70,107 | $ | 65,776 | ||||||||||
Ratio of earnings to fixed charges (1)(2) | 1.7 | x | 1.0 | x | (2.5 | ) | x | 1.5 | x | (9.1 | ) | x | ||||||||
| (1) | Due to our net loss for the year ended December 31, 2015, the coverage ratio was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $664.8 million for the year ended December 31, 2015. |
| (2) | Due to our net loss for the year ended December 31, 2013, the coverage ratio was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $311.1 million for the year ended December 31, 2013. |