Exhibit 12.1
Ratio of Earnings to Fixed Charges
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
(a) pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees | (831 | ) | (44,776 | ) | 6,030 | 105,098 | 40,177 | 46,706 | 273,523 | |||||||||||||||||||
(b) fixed charges | 36,697 | 44,156 | 152,074 | 170,047 | 145,103 | 353,355 | 185,719 | |||||||||||||||||||||
(c) amortization of capitalized interest | 220 | 217 | 874 | 623 | 832 | 21 | — | |||||||||||||||||||||
(d) distributed income of equity investees | 8,104 | 6,126 | 30,143 | 22,197 | 18,944 | 13,250 | 678 | |||||||||||||||||||||
(e) share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | — | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
(a) Interest capitalized | (1,048 | ) | (3,242 | ) | (4,303 | ) | (11,295 | ) | (11,854 | ) | (4,070 | ) | (54 | ) | ||||||||||||||
(b) preference security dividend requirements of consolidated subsidiaries | — | (27 | ) | (27 | ) | — | — | — | — | |||||||||||||||||||
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Total | 43,142 | 2,454 | 184,791 | 286,670 | 193,202 | 409,262 | 459,866 | |||||||||||||||||||||
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| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
(a) Interest expensed and capitalized | 25,577 | 32,462 | 105,904 | 105,565 | 68,790 | 51,121 | 49,287 | |||||||||||||||||||||
(b) amortization of debt expense and discount or premium and capitalized expenses related to indebtedness | 1,332 | 1,331 | 5,580 | 11,752 | 6,682 | 2,077 | 1,856 | |||||||||||||||||||||
(c) an estimate of the interest within rental expense | 9,788 | 10,336 | 40,563 | 52,730 | 69,631 | 300,157 | 134,576 | |||||||||||||||||||||
(d) preference security dividend requirements of consolidated subsidiaries | — | 27 | 27 | — | — | — | — | |||||||||||||||||||||
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Total | 36,697 | 44,156 | 152,074 | 170,047 | 145,103 | 353,355 | 185,719 | |||||||||||||||||||||
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Earnings to fixed charges | 1.18 | (A | ) | 1.22 | 1.69 | 1.33 | 1.16 | 2.48 | ||||||||||||||||||||
| (A) Additional pre-tax income from continuing operations before adjustment for income or loss from equity investees of $41,702 would be necessary to generate a ratio of earnings to fixed charges of 1.00 | ||||||||||||||||||||||||||||