Exhibit 12.1
Statement of Computation of Ratio of Fixed Charges and Preferred Dividends to Earnings
(in thousands)
Earnings | Three Months Ended March 31, 2016 | Year Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net income (loss) | $ | 8,925 | $ | 25,092 | $ | 21,050 | $ | 34,692 | $ | 7,893 | $ | 9,656 | ||||||||||||
Less: | ||||||||||||||||||||||||
Equity in earnings from unconsolidated joint ventures | — | — | — | (2,390 | ) | (1,698 | ) | (1,458 | ) | |||||||||||||||
Plus: | ||||||||||||||||||||||||
Fixed charges | 9,528 | 34,453 | 27,808 | 16,041 | 11,532 | 6,329 | ||||||||||||||||||
Distribution of cumulative earnings from unconsolidated joint venture | — | — | — | — | 686 | 1,513 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | (15 | ) | (50 | ) | (52 | ) | (80 | ) | (50 | ) | (104 | ) | ||||||||||||
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Total Earnings | $ | 18,438 | $ | 59,495 | $ | 48,806 | $ | 48,263 | $ | 18,363 | $ | 15,936 | ||||||||||||
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Fixed Charges | Three Months Ended March 31, 2016 | Year Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Interest expense | $ | 8,938 | $ | 33,581 | $ | 28,025 | $ | 15,999 | $ | 10,885 | $ | 6,068 | ||||||||||||
Capitalized interest | 15 | 50 | 52 | 80 | 50 | 104 | ||||||||||||||||||
Amortization of financing costs | 536 | 662 | (432 | ) | (144 | ) | 495 | 157 | ||||||||||||||||
Portion of rental expense under operating leases deemed to be the equivalent of interest expense | 39 | 160 | 163 | 106 | 102 | — | ||||||||||||||||||
Total Fixed Charges | 9,528 | 34,453 | 27,808 | 16,041 | 11,532 | 6,329 | ||||||||||||||||||
Ratio of earnings to fixed charges | 1.94x | 1.73x | 1.76x | 3.01x | 1.59x | 2.52x | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividend | 1.94x | 1.73x | 1.76x | 3.01x | 1.59x | 2.52x |