Exhibit 12.1
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Earnings (loss) before income taxes from continuing operations | (175,970 | ) | (35,653 | ) | (6,874 | ) | 22,030 | 21,703 | 34,649 | |||||||||||||||
Plus: Fixed charges | 126,892 | 116,720 | 128,703 | 123,482 | 120,930 | 107,171 | ||||||||||||||||||
Less: Capitalized interest | (53,444 | ) | (55,618 | ) | (76,122 | ) | (92,002 | ) | (93,972 | ) | (89,915 | ) | ||||||||||||
Add: Interest amortized to COS | 60,952 | 41,246 | 40,820 | 56,164 | 78,611 | 88,764 | ||||||||||||||||||
Add: Interest impaired to COS | 275 | — | 245 | — | 710 | 56 | ||||||||||||||||||
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Earnings available for fixed charges | (41,295 | ) | 66,695 | 86,772 | 109,674 | 127,982 | 140,725 | |||||||||||||||||
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Fixed Charges | 126,892 | 116,720 | 128,703 | 123,482 | 120,930 | 107,171 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | (a | ) | 0.6x | 0.7x | 0.9x | 1.1x | 1.3x |