Exhibit 12.01
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
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| Six Months |
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| Ended |
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| June 30, |
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| Year Ended December 31, |
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| 2018 |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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Ratio of earnings to fixed charges: |
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Pre-tax (loss) income (attributable) available to common stock adjusted to exclude income or loss from equity investees |
| $ | (35,587 | ) |
| $ | 56,460 |
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| $ | (14,512 | ) |
| $ | (32,403 | ) |
| $ | 55,189 |
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| $ | 14,253 |
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Distributed income of equity investees |
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| — |
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| 477 |
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| 809 |
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| 1,628 |
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| 413 |
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| 90 |
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Fixed charges: |
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Interest expense and amortization of debt discount and premium on all indebtedness |
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| 35,749 |
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| 51,514 |
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| 29,222 |
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| 18,889 |
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| 11,391 |
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| 8,529 |
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Rentals |
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| 44 |
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| 88 |
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| 87 |
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| 92 |
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| 83 |
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| 81 |
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Total fixed charges |
| $ | 35,793 |
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| $ | 51,602 |
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| $ | 29,309 |
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| $ | 18,981 |
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| $ | 11,474 |
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| $ | 8,610 |
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Pre-tax income (loss) available (attributable) to common stock adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees |
| $ | 206 |
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| $ | 108,539 |
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| $ | 15,606 |
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| $ | (11,794 | ) |
| $ | 67,076 |
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| $ | 22,953 |
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Ratio of earnings to fixed charges |
| (A) |
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| 2.1 |
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| (A) |
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| (A) |
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| 5.8 |
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| 2.7 |
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| Six Months |
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| Ended |
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| June 30, |
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| Year Ended December 31, |
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| 2018 |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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Ratio of earnings to combined fixed charges and preferred stock dividends: |
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Pre-tax (loss) income (attributable) available to common stock adjusted to exclude income or loss from equity investees |
| $ | (35,587 | ) |
| $ | 56,460 |
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| $ | (14,512 | ) |
| $ | (32,403 | ) |
| $ | 55,189 |
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| $ | 14,253 |
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Distributed income of equity investees |
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| — |
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| 477 |
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| 809 |
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| 1,628 |
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| 413 |
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| 90 |
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Preferred stock dividends |
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| 286 |
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| 251 |
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| — |
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| — |
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| — |
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| — |
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Fixed charges: |
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Interest expense and amortization of debt discount and premium on all indebtedness |
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| 35,749 |
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| 51,514 |
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| 29,222 |
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| 18,889 |
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| 11,391 |
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| 8,529 |
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Rentals |
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| 44 |
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| 88 |
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| 87 |
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| 92 |
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| 83 |
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| 81 |
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Total fixed charges |
| $ | 35,793 |
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| $ | 51,602 |
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| $ | 29,309 |
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| $ | 18,981 |
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| $ | 11,474 |
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| $ | 8,610 |
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Pre-tax income (loss) available (attributable) to common stock adjusted to exclude income or loss from equity investees plus fixed charges, distributed income of equity investees and dividends on preferred stock |
| $ | 492 |
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| $ | 108,790 |
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| $ | 15,606 |
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| $ | (11,794 | ) |
| $ | 67,076 |
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| $ | 22,953 |
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Ratio of earnings to fixed charges |
| (B) |
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| 2.1 |
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| (B) |
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| (B) |
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| 5.8 |
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| 2.7 |
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(A) | For the six months ended June 30, 2018 and the years ended December 31, 2016 and 2015, the ratio coverage in the period was less than 1:1. The Company would have had to generate additional earnings of $35,587, $13,703, and $30,775, respectively, to achieve coverage of 1:1 in those periods. |
(B) | For the six months ended June 30, 2018 and the years ended December 31, 2016 and 2015, the ratio coverage in the period was less than 1:1. The Company would have had to generate additional earnings of $35,301, $13,703, and $30,775, respectively, to achieve coverage of 1:1 in those periods. |