Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ratio of earnings to fixed charges for each of the periods shown. For purposes of calculating this ratio, (i) earnings consist of income (loss) from continuing operations before provision (benefit) for income taxes and fixed charges and (ii) fixed charges consist of interest expense, which includes amortization of deferred financing charges, and imputed interest on our lease obligations. The interest component of rent was determined based on an estimate of a reasonable interest factor at the inception of the leases.
| 2010 | 2011 | 2012 | 2013 | 2014 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
Calculation of income/(loss) from continuing before income taxes and fixed charges | ||||||||||||||||||||||||||||
Net income/(loss) from continuing operations | $ | (9,914 | ) | $ | 20,887 | $ | 205,287 | $ | 217,054 | $ | 221,024 | $ | 201,603 | $ | (35,931 | ) | ||||||||||||
Income tax expense (benefit) | — | — | 71,296 | 129,200 | 64,860 | 52,242 | (30,649 | ) | ||||||||||||||||||||
Loss from equity method investments | — | 107 | 14,571 | — | — | — | — | |||||||||||||||||||||
Fixed Charges | 119,288 | 109,039 | 202,470 | 547,781 | 523,649 | 417,770 | 444,448 | |||||||||||||||||||||
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Earnings as adjusted | $ | 109,374 | $ | 130,033 | $ | 493,624 | $ | 894,035 | $ | 809,533 | $ | 671,615 | $ | 377,868 | ||||||||||||||
Calculation of fixed charges | ||||||||||||||||||||||||||||
Interest expense | $ | 116,163 | $ | 105,375 | $ | 197,308 | $ | 538,805 | $ | 516,387 | 412,695 | 439,309 | ||||||||||||||||
Interest on lease obligations | 3,125 | 3,664 | 5,162 | 9,148 | 7,262 | 5,075 | 5,139 | |||||||||||||||||||||
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Total fixed charges | $ | 119,288 | $ | 109,039 | $ | 202,470 | $ | 547,953 | $ | 523,649 | $ | 417,770 | $ | 444,448 | ||||||||||||||
Calculation of Earnings to Fixed Charges | 0.92 | 1.19 | 2.44 | 1.63 | 1.55 | 1.61 | 0.85 | |||||||||||||||||||||
Coverage deficiencies | 9,914 | — | — | — | — | — | 66,580 | |||||||||||||||||||||
| (1) | Earnings for the nine months ended September 30, 2015 were inadequate to cover fixed charges. The coverage deficiency was $66.6 million. Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $9.9 million. |
