Exhibit 12.1
Computation of Ratio of Earnings to Fixed charges
(In thousands)
The ratio of earnings to fixed charges for each of the periods indicated are set forth in the following table.
| Years Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2013 | 2012 | ||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 111,591 | $ | 70,920 | $ | 76,196 | $ | 275,685 | $ | 15,337 | $ | (15,557 | ) | $ | 15,920 | |||||||||||||
Add: Fixed charges | 53,974 | 55,706 | 27,382 | 20,248 | 17,648 | 12,914 | 13,789 | |||||||||||||||||||||
Subtract: Capitalized interest | (12,570 | ) | (3,705 | ) | (480 | ) | — | — | — | (2,083 | ) | |||||||||||||||||
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Earnings available for fixed charges | $ | 152,995 | $ | 122,921 | $ | 103,098 | $ | 295,933 | $ | 32,985 | (2,643 | ) | 27,626 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 33,796 | $ | 44,809 | $ | 22,571 | $ | 15,505 | $ | 13,147 | $ | 10,982 | $ | 9,728 | ||||||||||||||
Capitalized interest | 12,570 | 3,705 | 480 | — | — | — | 2,083 | |||||||||||||||||||||
Rental expense factor 1 | 7,608 | 7,192 | 4,331 | 4,743 | 4,501 | 1,932 | 1,978 | |||||||||||||||||||||
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Total fixed charges | $ | 53,974 | $ | 55,706 | $ | 27,382 | $ | 20,248 | $ | 17,648 | $ | 12,914 | $ | 13,789 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.8 | 2.2 | 3.8 | 14.6 | 1.9 | — | 2.0 | |||||||||||||||||||||
Coverage deficiency | — | — | — | — | — | $ | 15,557 | — | ||||||||||||||||||||
| 1 | “Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense. |
The ratio of earnings to fixed charges is computed by dividing earnings available for fixed charges by fixed charges. Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest and the rental expense factor discussed above.
