Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Share Distributions
(Amounts in thousands)
| Successor Company | Predecessor Company | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eight months ended December 31, 2014 | Four months ended April 30, 2014 | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | Year ended December 31, 2010 | |||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before income taxes | $ | (218,745 | ) | $ | 106,142 | $ | 293,697 | $ | 348,230 | $ | 326,083 | $ | 371,766 | ||||||
Add: Fixed charges from below | 144,437 | 64,362 | 190,159 | 216,608 | 183,067 | 156,852 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total earnings before income taxes and fixed charges | $ | (74,308 | ) | $ | 170,504 | $ | 483,856 | $ | 564,838 | $ | 509,150 | $ | 528,618 | ||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 144,437 | $ | 64,362 | $ | 190,159 | $ | 216,608 | $ | 183,067 | $ | 156,852 | |||||||
| | | | | | | | | | | | | | | | | | | |
Total fixed charges | $ | 144,437 | $ | 64,362 | $ | 190,159 | $ | 216,608 | $ | 183,067 | $ | 156,852 | |||||||
Ratio of earnings (loss) to fixed charges | (1) | 2.6x | 2.5x | 2.6x | 2.8x | 3.4x | |||||||||||||
Total fixed charges | $ | 144,437 | $ | 64,362 | $ | 190,159 | $ | 216,608 | $ | 183,067 | $ | 156,852 | |||||||
Preferred share distributions | 20,673 | 6,891 | 27,411 | — | — | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total fixed charges and preferred share distributions | $ | 165,110 | $ | 71,253 | $ | 217,570 | $ | 216,608 | $ | 183,067 | $ | 156,852 | |||||||
Ratio of earnings (loss) to fixed charges and preferred share distributions | (1) | 2.4x | 2.2x | 2.6x | 2.8x | 3.4x |
- (1)
- Ratios for the period indicated were less than one, as earnings were insufficient to cover fixed charges. The coverage deficiencies for total fixed charges and total fixed charges and preferred share distributions totaled approximately $218.7 million and $239.4 million, respectively.