Exhibit 12.1
Schedule of Computation of Ratio of Earnings to Fixed Charges
| Years Ended December 31, | ||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes and cumulative effect of accounting change | $ | 104,538 | $ | (41,848 | ) | $ | (20,804 | ) | $ | 53,969 | $ | 116,453 | ||||||||
Interest expense | 35,903 | 55,857 | 72,307 | 86,192 | 93,200 | |||||||||||||||
(Gain)/loss on investment in equity investees in excess of distributed earnings | — | 164 | 2,243 | — | 361 | |||||||||||||||
Amortization of capitalized interest | — | 152 | 267 | 170 | 115 | |||||||||||||||
Loan cost amortization | — | — | — | 523 | 2,906 | |||||||||||||||
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Earnings | $ | 140,441 | $ | 14,325 | $ | 54,013 | $ | 140,854 | $ | 213,035 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 35,903 | $ | 55,857 | $ | 72,307 | $ | 86,192 | $ | 93,200 | ||||||||||
Capitalized interest | 2,040 | 2,764 | 593 | 883 | 2,249 | |||||||||||||||
Loan cost amortization | — | — | — | 523 | 2,906 | |||||||||||||||
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Fixed Charges | $ | 37,943 | $ | 58,621 | $ | 72,900 | $ | 87,598 | $ | 98,355 | ||||||||||
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Ratio of Earnings to Fixed Charges | 3.7 | 0.2 | 0.7 | 1.6 | 2.2 | |||||||||||||||
Insufficient Coverage | $ | — | $ | 44,296 | $ | 18,887 | $ | — | $ | — | ||||||||||
