Exhibit 12.1
| (in thousands, except for ratio amounts) | ||||||||||||||||||||||||
| Year Ended | Nine Months Ended | |||||||||||||||||||||||
| December 31, | September 30, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2013 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income (loss) before income tax expense | $ | (55,921 | ) | $ | 23,296 | $ | (39,735 | ) | $ | (4,488 | ) | $ | (3,985 | ) | $ | 155,710 | ||||||||
| Add: Fixed charges | 26,434 | 17,991 | 16,211 | 2,216 | - | 19,996 | ||||||||||||||||||
| Amortization of interest capitalized | 529 | 529 | 103 | - | - | 397 | ||||||||||||||||||
| Less: Capitalized interest | - | - | (10,782 | ) | (1,390 | ) | - | - | ||||||||||||||||
| Total earnings | $ | (28,958 | ) | $ | 41,816 | $ | (34,203 | ) | $ | (3,662 | ) | $ | (3,985 | ) | $ | 176,103 | ||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense | $ | 22,772 | $ | 14,737 | $ | 2,302 | $ | 309 | $ | - | $ | 18,024 | ||||||||||||
| Interest capitalized | - | - | 10,782 | 1,390 | - | - | ||||||||||||||||||
| Amortization of deferred financing costs and discount | 3,459 | 3,118 | 3,119 | 517 | - | 1,934 | ||||||||||||||||||
| Portion of rental expense representing the interest factor | 203 | 136 | 8 | - | - | 38 | ||||||||||||||||||
| Total fixed charges | $ | 26,434 | $ | 17,991 | $ | 16,211 | $ | 2,216 | $ | - | $ | 19,996 | ||||||||||||
| Ratio of Earnings to Fixed Charges | * | 2.32 | * | * | * | 8.81 | ||||||||||||||||||
For the purpose of computing the ratio of earnings to fixed charges, the term “earnings” is the amount resulting from adding and subtracting the following items. Add the following: (a) pre-tax income from continuing operations; (b) fixed charges; (c) amortization of capitalized interest. From the total of the added items, subtract interest capitalized.
The term “fixed charges” means the sum of the following: (a) interest expensed and capitalized, (b) amortized discounts and capitalized expenses related to indebtedness, and (c) the portion of rental expense representing the interest factor.
* Earnings during these periods were insufficient to cover fixed charges by approximately $55.4 million in 2012, $50.4 million in 2010, $5.9 million in 2009, and $4.0 million in 2008.