Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months |
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| Ended |
| For the Year Ended December 31, |
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(dollars in thousands) |
| March 31, 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Computation of Earnings |
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Pre-tax Income (loss) before minority interest and equity investments |
| $ | 275,440 |
| $ | 595,288 |
| $ | 480,280 |
| $ | 38,219 |
| $ | 64,641 |
| $ | 110,381 |
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Add: |
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Fixed Charges |
| 14,806 |
| 80,202 |
| 54,557 |
| 51,643 |
| 45,856 |
| 40,505 |
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Less: |
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Capitalized interest |
| (382 | ) | (3,022 | ) | (1,091 | ) | (1,747 | ) | (2,020 | ) | (1,812 | ) | ||||||
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Total Earnings |
| $ | 289,864 |
| $ | 672,468 |
| $ | 533,746 |
| $ | 88,115 |
| $ | 108,477 |
| $ | 149,074 |
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Computation of Fixed Charges: |
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Interest expense |
| $ | 14,157 |
| $ | 76,214 |
| $ | 52,995 |
| $ | 49,695 |
| $ | 43,822 |
| $ | 38,682 |
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Capitalized interest |
| 382 |
| 3,022 |
| 1,091 |
| 1,747 |
| 2,020 |
| 1,812 |
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Interest portion of rental expense |
| 267 |
| 966 |
| 471 |
| 201 |
| 14 |
| 11 |
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Total Fixed Charges |
| $ | 14,806 |
| $ | 80,202 |
| $ | 54,557 |
| $ | 51,643 |
| $ | 45,856 |
| $ | 40,505 |
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Ratio of Earnings to Fixed Charges |
| 19.6x |
| 8.4x |
| 9.8x |
| 1.7x |
| 2.4x |
| 3.7x |
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Earnings available for fixed charges are calculated by determining the sum of income (loss) from operations before adjustments for taxes and income from equity investees, distributed income of equity investees and, fixed charges; less: capitalized interest.
Fixed charges are calculated as interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expenses (equal to one-third of rental expense).