Exhibit 12.1
Ratio of Earning to Fixed Charges |
(Dollars in thousands)
Six-month Period Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||
Consolidated income (loss) before income tax and non controling interest | 10,208 | (21,912 | ) | (65,733 | ) | (19,972 | ) | 1,958 | (32,442 | ) | 61,026 | |||||||||||||||||
Income (loss) from discontinued operations | - | - | - | (515 | ) | (2,131 | ) | (16,448 | ) | |||||||||||||||||||
Investment in affiliates | 319 | 666 | 1,175 | 1,073 | 341 | 28 | 442 | |||||||||||||||||||||
Interest expense continuing operations | 14,855 | 16,626 | 36,070 | 33,103 | 24,585 | 23,222 | 24,393 | |||||||||||||||||||||
Amortization of capitalized interest | ||||||||||||||||||||||||||||
Amortization of debt issue costs | 1,375 | 1,491 | 2,304 | 2,323 | 1,340 | 1,026 | 735 | |||||||||||||||||||||
Interest expense discontinued operations | - | - | - | 5 | 10 | 212 | ||||||||||||||||||||||
Earnings | 26,757 | (3,129 | ) | (26,184 | ) | 16,527 | 27,714 | (10,287 | ) | 70,360 | ||||||||||||||||||
Interest expenses continuing operations | 14,855 | 16,626 | 36,070 | 33,103 | 24,585 | 23,222 | 24,393 | |||||||||||||||||||||
Interest expenses discontinued operations | - | - | - | 5 | 10 | 212 | ||||||||||||||||||||||
Amortization of debt issue | 1,375 | 1,491 | 2,304 | 2,323 | 1,340 | 1,026 | 735 | |||||||||||||||||||||
Capitalized interest | - | - | - | 1,010 | 2,354 | 3,230 | ||||||||||||||||||||||
Fixed charges | 7,939 | 18,117 | 38,374 | 35,426 | 26,940 | 26,612 | 28,570 | |||||||||||||||||||||
Ratio of earnings to fixed charges | 3.4 | - | (1) | - | (1) | - | (1) | 1.0 | - | (1) | 2.5 | |||||||||||||||||
Dollar amount of deficiency in earnings to fixed charges | 21,246 | (1) | 64,558 | (1) | 18,899 | (1) | 36,899 | (1) |
(1) In this fiscal year the earnings were inadequate to cover fixed charges.