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 finance 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.
|
| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2009 | | 2010 | | 2011 | | 2012 | | 2013 |
| Calculation of income/(loss) from continuing operations before income taxes and fixed charges | ($ in thousands) |
| Net income/(loss) from continuing operations | $ | (80,877 | ) | | $ | (9,914 | ) | | $ | 20,887 |
| | $ | 205,287 |
| | $ | 217,054 |
|
| Income tax expense | — |
| | — |
| | — |
| | 71,296 |
| | 129,200 |
|
| Loss from equity method investments | — |
| | — |
| | 107 |
| | 14,571 |
| | — |
|
| Fixed charges | 73,431 |
| | 119,288 |
| | 109,039 |
| | 202,470 |
| | 547,781 |
|
| Earnings as adjusted | (7,446 | ) | | 109,374 |
| | 130,033 |
| | 493,624 |
| | 894,035 |
|
| Calculation of fixed charges | | | | | | | | | |
| Interest expense | 69,883 |
| | 116,163 |
| | 105,375 |
| | 197,308 |
| | 538,805 |
|
| Interest on lease obligations | 3,548 |
| | 3,125 |
| | 3,664 |
| | 5,162 |
| | 8,976 |
|
| Total fixed charges | 73,431 |
| | 119,288 |
| | 109,039 |
| | 202,470 |
| | 547,781 |
|
| Calculation of earnings to fixed charges | (0.10 | ) | | 0.92 |
| | 1.19 |
| | 2.44 |
| | 1.63 |
|
| Coverage deficiencies | 80,877 |
| | 9,914 |
| | — |
| | — |
| | — |
|
