Exhibit 12.1
RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth our ratios of earnings to combined fixed charges and preferred stock dividends for each of the periods indicated:
Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Fixed charges(1) | $ | 46,129 | $ | 33,825 | $ | 52,763 | $ | 44,117 | $ | 18,789 | |||||||||||
Preferred stock dividends | 20,813 | 20,812 | 15,854 | 2,405 | — | (2) | |||||||||||||||
Combined fixed charges and preferred stock dividends | 66,942 | 54,637 | 68,617 | 46,522 | 18,789 | ||||||||||||||||
Combined fixed charges and preferred stock dividends | 66,942 | 54,637 | 68,617 | 46,522 | 18,789 | ||||||||||||||||
Net income (loss) available to common shares | (25,578 | ) | 404,797 | (491,636 | ) | 370,382 | 291,933 | ||||||||||||||
Earnings(3) | $ | 41,364 | $ | 459,434 | $ | (423,019 | ) | $ | 416,904 | $ | 310,722 | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 0.62 | 8.41 | (6.16 | ) | 8.96 | 16.54 |
(1) | Fixed charges consist of interest expense on all indebtedness. |
(2) | No preferred stock was outstanding during these periods. |
(3) | For purposes of computing the ratio of earnings to combined fixed charges and preferred stock dividends, earnings represent net income (loss) plus fixed charges and preferred stock dividends (where applicable). |
For the years ended December 31, 2015 and December 31, 2013 earnings were insufficient to cover combined fixed charges and preferred stock dividends by approximately $25.6 million and $491.6 million, respectively.