Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
| Three Months Ended March 31, | Years Ended December 31, | |||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 8,759 | $ | (27,727 | ) | $ | (67,066 | ) | $ | 5,399 | $ | 3,412 | $ | (74,730 | ) | $ | (221,636 | ) | ||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Equity investment (income) loss | 67 | — | (373 | ) | — | — | — | — | ||||||||||||||||||||
Interest capitalized | (52,804 | ) | (92 | ) | (53,492 | ) | — | — | — | — | ||||||||||||||||||
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Income (loss) before income taxes, as adjusted | $ | (43,978 | ) | $ | (27,819 | ) | $ | (120,931 | ) | $ | 5,399 | $ | 3,412 | $ | (74,730 | ) | $ | (221,636 | ) | |||||||||
Fixed charges | 58,221 | 13,287 | 86,589 | 17,808 | 23,087 | 19,021 | 24,588 | |||||||||||||||||||||
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Total earnings | $ | 14,243 | $ | (14,532 | ) | $ | (34,342 | ) | $ | 23,207 | $ | 26,499 | $ | (55,709 | ) | $ | (197,048 | ) | ||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense and amortization of finance costs | $ | 57,398 | $ | 13,129 | $ | 85,372 | $ | 17,373 | $ | 22,655 | $ | 18,590 | $ | 24,182 | ||||||||||||||
Rental expense representative of interest factor | 823 | 158 | 1,217 | 435 | 432 | 431 | 406 | |||||||||||||||||||||
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Total fixed charges | $ | 58,221 | $ | 13,287 | $ | 86,589 | $ | 17,808 | $ | 23,087 | $ | 19,021 | $ | 24,588 | ||||||||||||||
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Ratio of earnings to fixed charges | — | (1) | — | (2) | — | (4) | 1.3 | 1.1 | — | (6) | — | (7) | ||||||||||||||||
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Total fixed charges | $ | 58,221 | $ | 13,287 | $ | 86,589 | $ | 17,808 | $ | 23,087 | $ | 19,021 | $ | 24,588 | ||||||||||||||
Pre-tax preferred dividend requirements | — | 1,102 | 88,445 | — | — | — | — | |||||||||||||||||||||
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Total fixed charges plus preference dividends | $ | 58,221 | $ | 14,389 | $ | 175,034 | $ | 17,808 | $ | 23,087 | $ | 19,021 | $ | 24,588 | ||||||||||||||
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Ratio of earnings to combined fixed charges and preference dividends | — | (1) | — | (3) | — | (5) | 1.3 | 1.1 | — | (6) | — | (7) | ||||||||||||||||
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| (1) | Due to the Company’s loss for the three months ended March 31, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $44.0 million to achieve a coverage ratio of 1:1. |
| (2) | Due to the Company’s loss for the three months ended March 31, 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $27.8 million to achieve a coverage ratio of 1:1. |
| (3) | Due to the Company’s loss for the three months ended March 31, 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $28.9 million to achieve a coverage ratio of 1:1. |
| (4) | Due to the Company’s loss in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1. |
| (5) | Due to the Company’s loss in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $209.4 million to achieve a coverage ratio of 1:1. |
| (6) | Due to the Company’s loss in 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $74.7 million to achieve a coverage ratio of 1:1. |
| (7) | Due to the Company’s loss in 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $221.6 million to achieve a coverage ratio of 1:1. |
