Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED)
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| Three Months Ended March 31, |
| Year Ended December 31, |
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(dollars in thousands) |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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|
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|
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|
|
|
|
Income (loss) before taxes | $ | (129,374) | $ | (179,048)) | $ | (187,054) | $ | 222,282 | $ | (9,391) | $ | 6,537 |
Fixed charge (interest expense) | $ | 14,192 | $ | 65,113 | $ | 84,550 | $ | 61,195 | $ | 11,856 | $ | 1,207 |
Earnings (loss) adjusted | $ | (115,182) | $ | (113,935) | $ | (102,504) | $ | 283,477 | $ | 2,465 | $ | 7,744 |
Ratio of earnings to fixed charges |
| (8.12) |
| (1.75) |
| (1.21) |
| 4.62 |
| 0.21 |
| 6.42 |
Deficiency | $ | 129,374 | $ | 179,048 | $ | 187,054 | $ | (222,282)) | $ | 9,391 | $ | − |
Preferred Stock Dividends | $ | 3,905 | $ | 15,620 | $ | 14,213 | $ | 1,964 |
| − (1) |
| − (1) |
Combined fixed charges and preferred stock dividends | $ | 18,097 | $ | 80,733 | $ | 98,763 | $ | 63,159 | $ | 11,856 | $ | 1,207 |
Ratio of earnings to combined fixed charges and preferred stock dividends |
| (6.36) |
| (1.41) |
| (1.04) |
| 4.49 |
| 0.21 |
| 6.42 |
Deficiency | $ | 133,279 | $ | 194,668 | $ | 201,267 | $ | − | $ | 9,391 | $ | − |
(1) We did not have any preferred stock outstanding for these years.