Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands.)
| Years Ended December 31 |
| |||||||||||||||||
| 2015 |
|
| 2014 |
|
| 2013 (3) |
|
| 2012 |
|
| 2011 |
| |||||
Computation of ratio of net income to fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges (1) | $ | 163,907 |
|
| $ | 166,315 |
|
| $ | 204,366 |
|
| $ | 197,064 |
|
| $ | 144,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges (1) |
| 163,907 |
|
|
| 166,315 |
|
|
| 204,366 |
|
|
| 197,064 |
|
|
| 144,662 |
|
Net income |
| 51,620 |
|
|
| 56,361 |
|
|
| (134,136 | ) |
|
| 349,245 |
|
|
| 284,373 |
|
|
| 215,527 |
|
|
| 222,676 |
|
|
| 70,230 |
|
|
| 546,309 |
|
|
| 429,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 1.31 |
|
|
| 1.34 |
|
|
| 0.34 |
|
|
| 2.77 |
|
|
| 2.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of ratio of net income to combined fixed charges and preferred stock dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges (1) | $ | 163,907 |
|
| $ | 166,315 |
|
| $ | 204,366 |
|
| $ | 197,064 |
|
| $ | 144,662 |
|
Preferred stock dividends (2) |
| 21,922 |
|
|
| 21,922 |
|
|
| 21,922 |
|
|
| 7,551 |
|
|
| - |
|
Combined fixed charges and preferred stock dividends |
| 185,829 |
|
|
| 188,237 |
|
|
| 226,288 |
|
|
| 204,615 |
|
|
| 144,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined fixed charges and preferred stock dividends |
| 185,829 |
|
|
| 188,237 |
|
|
| 226,288 |
|
|
| 204,615 |
|
|
| 144,662 |
|
Net income |
| 51,620 |
|
|
| 56,361 |
|
|
| (134,136 | ) |
|
| 349,245 |
|
|
| 284,373 |
|
|
| 237,449 |
|
|
| 244,598 |
|
|
| 92,152 |
|
|
| 553,860 |
|
|
| 429,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 1.28 |
|
|
| 1.30 |
|
|
| 0.41 |
|
|
| 2.71 |
|
|
| 2.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Fixed charges consist of interest expense on all indebtedness, including interest rate swaps and maturities of Eurodollar Futures Contracts. |
| ||||||||||||||||||
(2)No preferred stock was outstanding during 2011. |
| ||||||||||||||||||
(3)Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges and preferred stock dividends by $134,136. |
|