Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
(in thousands of dollars, except ratios)
| Six Months Ended June 30, | ||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings before fixed charges | 99,721 | 256,062 | 186,319 | 108,926 | 69,413 | 65,140 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expenses including amortization of deferred financing costs | 21,187 | 21,494 | 28,425 | 36,897 | 35,722 | 22,010 | ||||||||||||||||||
Assumed interest component of rental expenses (1) | 1,587 | 3,008 | 2,965 | 2,753 | 1,999 | 1,167 | ||||||||||||||||||
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Total fixed charges | 22,774 | 24,502 | 31,390 | 39,650 | 37,721 | 23,177 | ||||||||||||||||||
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Earnings (2) | 122,495 | 280,564 | 217,709 | 148,576 | 107,134 | 88,317 | ||||||||||||||||||
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Ratio of earnings to fixed charges (3) | 5.38 | 11.45 | 6.94 | 3.75 | 2.84 | 3.81 | ||||||||||||||||||
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Deficiency of earnings to fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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| (1) | Estimated as one-third of operating lease expense. |
| (2) | Earnings represent pre-tax income (loss) from continuing operations before adjustments for non-controlling interests in consolidated subsidiaries or income (loss) from equity investees plus distributed income of equity investees, and plus fixed charges. |
| (3) | During the periods covered by this table, we did not have any shares of preferred stock outstanding. |