Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to combined fixed charges for the periods indicated on a consolidated historical basis. For purposes of computing the ratio of earnings to fixed charges, “earnings” are defined as income before taxes plus fixed charges less capitalized interest. “Fixed charges” consist of interest expensed and capitalized and an estimate of interest within rent expense.
| (Dollars in thousands) | Nine Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | (658,190 | ) | $ | 183,124 | $ | 46,075 | $ | 406,687 | $ | 872,926 | $ | 430,958 | |||||||||||
Fixed charges, as shown below | 178,229 | 279,163 | 292,958 | 285,784 | 289,123 | 240,177 | ||||||||||||||||||
Amortization of capitalized interest | 6,770 | 8,278 | 6,520 | 4,978 | 6,595 | 5,836 | ||||||||||||||||||
Equity in income of investees, net of distributions | (13,094 | ) | (39,821 | ) | (20,095 | ) | (11,548 | ) | (17,463 | ) | (7,996 | ) | ||||||||||||
Interest capitalized | (1,767 | ) | (13,573 | ) | (43,717 | ) | (38,054 | ) | (15,547 | ) | (13,393 | ) | ||||||||||||
Noncontrolling Interest | — | — | 1,386 | 397 | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Adjusted Earnings | $ | (488,052 | ) | $ | 417,171 | $ | 283,127 | $ | 648,244 | $ | 1,135,634 | $ | 655,582 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on indebtedness, expensed or capitalized | $ | 151,954 | $ | 237,137 | $ | 262,915 | $ | 258,096 | $ | 263,891 | $ | 218,425 | ||||||||||||
Interest within rent expense | 26,275 | 42,026 | 30,043 | 27,688 | 25,232 | 21,752 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Fixed Charges | $ | 178,229 | $ | 279,163 | $ | 292,958 | $ | 285,784 | $ | 289,123 | $ | 240,177 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges(1) | (2.74 | ) | 1.49 | 0.97 | 2.27 | 3.93 | 2.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(1) For the nine months ended September 30, 2015, our earnings would have needed to have been higher by $667 million for our ratio of earnings to fixed charges to be 1.00.