| COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | Exhibit 12.1 | |||||
| Year Ended December 31, | ||||||||||||
| (US $ in thousands) | 2013 | 2012 | 2011 | |||||||||
Earnings: | ||||||||||||
Pre-tax income from continuing operation before adjustment for non-controlling interest | $ | 17,891 | $ | 2,006 | $ | (17,578 | ) | |||||
Add: fixed charges | 10,773 | 13,471 | 13,175 | |||||||||
Add: amortization of capitalized interest | 827 | 827 | 539 | |||||||||
Less: interest capitalized | — | — | 3,525 | |||||||||
Earnings | 29,491 | 16,304 | (7,389 | ) | ||||||||
Fixed charges: | ||||||||||||
Interest expensed and capitalized | 9,032 | 12,489 | 12,517 | |||||||||
Add: Amortized capitalized expenses related to indebtedness | 1,741 | 982 | 658 | |||||||||
Fixed charges | 10,773 | 13,471 | 13,175 | |||||||||
Earnings to fixed charges ratio | 2.74x | 1.21x | (0.56 | )x | ||||||||
