Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
For the Nine Months | For the Years Ended December 31, | |||||||||||||||||||||||
Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pretax income (loss) from continuing operations | $ | 46,199 | $ | 29,100 | $ | 5,243 | $ | 5,670 | $ | 10,884 | $ | (25,764 | ) | |||||||||||
Fixed charges | 162,594 | 105,926 | 4,837 | 9,611 | 14,235 | 36,260 | ||||||||||||||||||
Dividends distributed to shareholders | 44,088 | 22,304 | 8,270 | 8,102 | 7,108 | 4,100 | ||||||||||||||||||
Equity investee adjustment | 93 | (38 | ) | (174 | ) | (64 | ) | - | - | |||||||||||||||
Noncontrolling interest | - | 97 | (97 | ) | - | - | - | |||||||||||||||||
Total Earnings | $ | 252,974 | $ | 157,389 | $ | 18,079 | $ | 23,319 | $ | 32,227 | $ | 14,596 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 162,594 | $ | 105,926 | $ | 4,837 | $ | 9,611 | $ | 14,235 | $ | 36,260 | ||||||||||||
Total Fixed Charges | 162,594 | 105,926 | 4,837 | 9,611 | 14,235 | 36,260 | ||||||||||||||||||
Preferred stock dividends | 2,115 | - | - | - | - | - | ||||||||||||||||||
Total Combined Fixed Charges and Preferred Stock Dividends | $ | 164,709 | $ | 105,926 | $ | 4,837 | $ | 9,611 | $ | 14,235 | $ | 36,260 | ||||||||||||
Ratio of earnings to fixed charges | 1.56 | 1.49 | 3.74 | 2.43 | 2.26 | 0.40 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.54 | 1.49 | 3.74 | 2.43 | 2.26 | 0.40 | ||||||||||||||||||
Deficiency related to ratio of earnings to fixed charges | NA | NA | NA | NA | NA | $ | (21,664 | ) | ||||||||||||||||
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends | NA | NA | NA | NA | NA | $ | (21,664 | ) |