Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(in thousands, except ratio) |
| Nine months ended |
| Year ended |
| For the period |
| |||
Earnings: |
|
|
|
|
|
|
| |||
Net income (loss) |
| $ | 92,110 |
| $ | 53,232 |
| $ | (52,040 | ) |
Add: |
|
|
|
|
|
|
| |||
Provision (benefit) for income taxes |
| 50,577 |
| 29,609 |
| (8,875 | ) | |||
Fixed charges |
| 117,201 |
| 68,797 |
| 53,673 |
| |||
Less: |
|
|
|
|
|
|
| |||
Capitalized interest |
| (13,698 | ) | (10,390 | ) | (1,769 | ) | |||
Earnings as adjusted (A) |
| $ | 246,190 |
| $ | 141,248 |
| $ | (9,011 | ) |
Fixed charges |
|
|
|
|
|
|
| |||
Interest expense |
| $ | 102,861 |
| $ | 57,692 |
| $ | 51,743 |
|
Capitalized interest |
| 13,698 |
| 10,390 |
| 1,769 |
| |||
Interest factors of rents(1) |
| 642 |
| 715 |
| 161 |
| |||
Fixed charges as adjusted (B) |
| $ | 117,201 |
| $ | 68,797 |
| $ | 53,673 |
|
Ratio of earnings (loss) to fixed charges ((A) divided by (B))(2) |
| 2.10 |
| 2.05 |
| — |
|
(1) Estimated to be 1/3 of rent expense.
(2) For the period from inception to December 31, 2010, earnings were insufficient to cover fixed charges by $62.7 million.