Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table contains our consolidated ratio of earnings to fixed charges for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those financial statements (amounts in table in thousands, except ratios).
| For the three months ended March 31, | For the years ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Income (loss) before income taxes | $ | (76,624 | ) | $ | 175,129 | $ | 54,791 | $ | (34,691 | ) | $ | (15,830 | ) | $ | 9,898 | |||||||||
Add: | ||||||||||||||||||||||||
Fixed charges (see below) | 3,290 | 9,060 | 8,162 | 2,835 | 2,206 | 55 | ||||||||||||||||||
Amortization of capitalized interest | 220 | 607 | 383 | 187 | 7 | — | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | (979 | ) | (2,831 | ) | (1,888 | ) | (1,574 | ) | (1,278 | ) | — | |||||||||||||
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (36 | ) | 17 | |||||||||||||||||||||
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Total earnings | $ | (74,094 | ) | $ | 181,964 | $ | 61,448 | $ | (33,243 | ) | $ | (14,895 | ) | $ | 9,953 | |||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expensed | $ | 2,070 | $ | 5,334 | $ | 5,687 | $ | 1,002 | $ | 683 | $ | 3 | ||||||||||||
Interest capitalized | 979 | 2,831 | 1,888 | 1,574 | 1,278 | — | ||||||||||||||||||
Amortized premiums, discounts & capitalized expenses related to indebtedness | 225 | 850 | 547 | 231 | 221 | 33 | ||||||||||||||||||
Estimate of interest within rental expense | 15 | 44 | 40 | 28 | 24 | 19 | ||||||||||||||||||
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Total fixed charges | $ | 3,290 | $ | 9,060 | $ | 8,162 | $ | 2,835 | $ | 2,206 | $ | 55 | ||||||||||||
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Ratio of earnings to fixed charges | (a) | 20.09 | 7.53 | (a) | (a) | 179.99 | ||||||||||||||||||
| (a) | During the period noted, our coverage ratio was less than 1:1. We would have needed to generate additional earnings of approximately $70.8 million during the three months ended March 31, 2015, $36.1 million during the year ended December 31, 2012 and $17.1 million during the year ended December 31, 2011 to achieve a coverage ratio of 1:1. |