Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Year Ended December 31, | For the nine months ended September 30, | |||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
Pre-tax income from continuing operations | $ | 88,174 | $ | 128,455 | $ | 48,379 | $ | 2,218 | $ | (311,366 | ) | $ | (117,327 | ) | ||||||||||
Fixed charges and preferred dividends | 35,696 | 49,051 | 52,255 | 96,698 | 89,112 | 53,651 | ||||||||||||||||||
Amortization of capitalized interest | 404 | 713 | 984 | 386 | 248 | 180 | ||||||||||||||||||
Interest capitalized | (4,576 | ) | (4,247 | ) | (1,432 | ) | (531 | ) | — | — | ||||||||||||||
Preferred Dividends | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total adjusted earnings available for payment of fixed charges | $ | 119,698 | $ | 173,972 | $ | 100,186 | $ | 98,771 | $ | (222,006 | ) | $ | (63,496 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 28,143 | $ | 39,420 | $ | 53,503 | $ | 90,132 | $ | 83,765 | $ | 50,086 | ||||||||||||
Interest capitalized | 4,576 | 4,247 | 1,432 | 531 | — | — | ||||||||||||||||||
Amortization of debt-related expenses | 2,504 | 4,882 | 5,113 | 5,374 | 4,743 | 3,200 | ||||||||||||||||||
Rental expense representative of interest factor | 473 | 502 | 503 | 661 | 605 | 366 | ||||||||||||||||||
Preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 35,696 | $ | 49,051 | $ | 60,551 | $ | 96,698 | $ | 89,112 | $ | 53,651 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | — | 3.5 | 1.7 | 1.0 | — | — | ||||||||||||||||||
| (1) | Due to our net losses for the years ended December 31, 2013 and the nine months ended September 30, 2014, the coverage ratio for each of these periods was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $311.1 million and $117.1 million for the years ended December 31, 2013 and nine months ended September 30, 2014, respectively. |