Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:
| Year Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| (in thousands except ratios) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
Income before income taxes | $ | (16,120 | ) | $ | 80,096 | $ | 119,531 | $ | 264,334 | $ | 129,793 | |||||||||
Add: Fixed charges | 87,193 | 85,902 | 63,441 | 52,581 | 43,304 | |||||||||||||||
Add: Amortization of capitalized Interest | 4,538 | 4,380 | 1,526 | 1,037 | 1,353 | |||||||||||||||
Less: Capitalized Interest | (8,526 | ) | (10,058 | ) | (13,274 | ) | (9,877 | ) | (5,395 | ) | ||||||||||
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Earnings before fixed charges | $ | 67,085 | $ | 160,320 | $ | 171,224 | $ | 308,075 | $ | 169,055 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 78,396 | $ | 75,581 | $ | 49,994 | $ | 42,516 | $ | 37,706 | ||||||||||
Capitalized interest | 8,526 | 10,058 | 13,274 | 9,877 | 5,395 | |||||||||||||||
Portion of rental expense representative of an interest factor | 271 | 263 | 173 | 188 | 203 | |||||||||||||||
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Total fixed charges | $ | 87,193 | $ | 85,902 | $ | 63,441 | $ | 52,581 | $ | 43,304 | ||||||||||
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Ratio of earnings to fixed charges (1) | 0.8 | 1.9 | 2.7 | 5.9 | 3.9 | |||||||||||||||
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| (1) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million. |
