Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Distributions
The following table sets forth our ratio of earnings to combined fixed charges and preferred share distributions for each of the periods indicated:
Six months ended June 30, | Fiscal Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
(in thousands, except ratio computation) | ||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | (2,253 | ) | $ | 33,272 | $ | 53,749 | $ | 8,991 | $ | 270,077 | $ | 71,052 | |||||||||||
Add: Fixed charges included in income (loss) from operations | 25,745 | 27,623 | 24,651 | 25,924 | 27,060 | 19,378 | ||||||||||||||||||
Total earnings available for fixed charges | $ | 23,492 | $ | 60,895 | $ | 78,400 | $ | 34,915 | $ | 297,137 | $ | 90,430 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 25,745 | $ | 27,623 | $ | 24,651 | $ | 25,924 | $ | 27,060 | $ | 19,378 | ||||||||||||
Total fixed charges before preferred distribution requirements | 25,745 | 27,623 | 24,651 | 25,924 | 27,060 | 19,378 | ||||||||||||||||||
Preferred share distribution requirements | 5,966 | 2,457 | — | — | — | — | ||||||||||||||||||
Total combined fixed charges and preferred share distribution requirements | $ | 31,711 | $ | 30,080 | $ | 24,651 | $ | 25,924 | $ | 27,060 | $ | 19,378 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred share distribution requirements (1) | 0.7 | 2.0 | 3.2 | 1.3 | 11.0 | 4.7 |
(1) The ratio of earnings to fixed charges was below one-to-one for the six months ended June 30, 2018. The earnings available for fixed charges was $2.3 million less than the total of fixed charges.