Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
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| TWELVE MONTHS ENDED DECEMBER 31, |
| NINE MONTHS |
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(in thousands, except ratio) |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
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(Loss) income from continuing operations before taxes |
| $ | (240,542 | ) | $ | (80,497 | ) | $ | (32,732 | ) | $ | 43,967 |
| $ | 195,691 |
| $ | 169,315 |
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Share of distributed (income) loss of 50%-or-less-owned affiliates, net of equity pickup |
| (308 | ) | 3,705 |
| 976 |
| (1,218 | ) | (1,202 | ) | (538 | ) | ||||||
Amortization of capitalized interest |
| 51,477 |
| 40,791 |
| 32,068 |
| 40,612 |
| 52,362 |
| 34,625 |
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Interest |
| 46,949 |
| 55,615 |
| 56,635 |
| 59,503 |
| 68,184 |
| 52,194 |
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Less: interest capitalized during the period |
| (35,931 | ) | (31,221 | ) | (38,032 | ) | (42,327 | ) | (59,208 | ) | (51,443 | ) | ||||||
Interest portion of rental expense |
| 4,354 |
| 3,733 |
| 2,360 |
| 1,976 |
| 2,182 |
| 1,836 |
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(LOSS) EARNINGS |
| $ | (174,001 | ) | $ | (7,874 | ) | $ | 21,275 |
| $ | 102,513 |
| $ | 258,009 |
| $ | 205,989 |
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Interest |
| $ | 46,949 |
| $ | 55,615 |
| $ | 56,635 |
| $ | 59,503 |
| $ | 68,184 |
| $ | 52,194 |
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Interest portion of rental expense |
| 4,354 |
| 3,733 |
| 2,360 |
| 1,976 |
| 2,182 |
| 1,836 |
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FIXED CHARGES |
| $ | 51,303 |
| $ | 59,348 |
| $ | 58,995 |
| $ | 61,479 |
| $ | 70,366 |
| $ | 54,030 |
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(DEFICIENCY) SURPLUS |
| $ | (225,304 | ) | $ | (67,222 | ) | $ | (37,720 | ) | $ | 41,034 |
| $ | 187,643 |
| $ | 151,959 |
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Ratio of earnings to fixed charges |
| — |
| — |
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| 1.67 |
| 3.67 |
| 3.81 |
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