Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| ($ in thousands) | Fiscal Year Ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2015 | 2014 | ||||||||||||||||||||||
Net Income (loss) | $ | 62,856 | $ | 61,690 | $ | 34,757 | $ | (38,338 | ) | $ | 84,871 | $ | 6,794 | $ | 8,823 | |||||||||||||
Income Tax Expense (benefit) | 8,338 | 1,019 | (5,856 | ) | 2,806 | 8,866 | (3,556 | ) | (1,849 | ) | ||||||||||||||||||
Fixed Charges | $ | 1,680 | $ | 6,940 | $ | 6,088 | $ | 7,812 | $ | 8,723 | $ | 810 | $ | 413 | ||||||||||||||
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Earnings | $ | 72,874 | $ | 69,649 | $ | 34,989 | $ | (27,721 | ) | $ | 102,460 | $ | 4,048 | $ | 7,387 | |||||||||||||
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Interest Costs | $ | 822 | $ | 6,169 | $ | 5,393 | $ | 6,476 | $ | 7,020 | $ | 505 | $ | 191 | ||||||||||||||
Operating Lease Expense | 2,600 | 2,335 | 2,105 | 4,048 | 5,160 | 924 | 674 | |||||||||||||||||||||
Portion of rental expense representative of the interest factor (a) | 858 | 771 | 695 | 1,336 | 1,703 | 305 | 222 | |||||||||||||||||||||
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Total Fixed Charges | $ | 1,680 | $ | 6,940 | $ | 6,088 | $ | 7,812 | $ | 8,723 | $ | 810 | $ | 413 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 43.4 | 10.0 | 5.7 | (b | ) | 11.7 | 5.0 | 17.9 | ||||||||||||||||||||
| (a) | One-third of net rent expense is the portion of rental expense deemed representative of the interest factor. |
| (b) | The ratio of earnings to fixed charges and preferred share dividends was less than 1.0x in fiscal 2011. The deficiency in the ratio of earnings to fixed charges and preferred share dividend was $35.5 million. |
