Exhibit 12.1
Ratio of Income (Loss) To Combined Fixed Charges And Preferred Stock Dividends | |||||||||||||||||||||
The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock | |||||||||||||||||||||
dividends for the periods shown (dollars in thousands): | |||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2010 | December 31, 2009 | December 31, 2008 | |||||||||||||||||
Net income (loss) before taxes | 327,768 | $ | 137,935 | $ | 249,161 | $ | 230,697 | $ | (136,105 | ) | |||||||||||
Add: | fixed charges (interest expense) (1) | 146,781 | 150,787 | 152,236 | 35,083 | 60,544 | |||||||||||||||
preferred stock dividend | |||||||||||||||||||||
Income (loss) as adjusted | 474,549 | $ | 288,722 | $ | 401,397 | $ | 265,780 | $ | (75,561 | ) | |||||||||||
Fixed charges (interest expense) + preferred stock dividend | 146,781 | $ | 150,787 | $ | 152,236 | $ | 35,083 | $ | 60,544 | ||||||||||||
Ratio of income (losses) to combined fixed charges and preferred stock dividends | 3.23 | x | 1.91 | x | 2.64 | x | 7.58 | x | |||||||||||||
Deficiency | $ | - | $ | - | $ | - | $ | - | $ | 136,105 | |||||||||||
(1) Includes effect of realized losses on interest rate swaps. |