Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
Year Ended December 31, | Three Months Ended March 31, 2014 | |||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax income | $ | 153,975 | $ | 196,019 | $ | 104,135 | (1) | $ | 267,165 | (2) | $ | 236,236 | (3) | $ | 52,439 | |||||||||
Plus: Distributions of earnings from unconsolidated investments | — | — | — | — | 24,113 | 11,645 | ||||||||||||||||||
Plus: Fixed charges | 40,123 | 41,677 | 49,180 | 53,972 | 64,936 | 19,860 | ||||||||||||||||||
Less: Non-controlling interest | — | — | (998 | ) | — | — | — | |||||||||||||||||
Less: Capitalized interest | (15 | ) | (42 | ) | — | — | — | — | ||||||||||||||||
Less: Equity and other unconsolidated investments income | — | — | — | — | (34,186 | ) | (9,779 | ) | ||||||||||||||||
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Total earnings | $ | 194,083 | $ | 237,696 | $ | 152,317 | $ | 321,137 | $ | 290,559 | $ | 74,165 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 40,108 | $ | 41,635 | $ | 49,180 | $ | 53,972 | $ | 64,396 | $ | 19,860 | ||||||||||||
Plus: Capitalized interest | 15 | 42 | 42 | — | — | — | ||||||||||||||||||
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Total fixed charges | $ | 40,123 | $ | 41,677 | $ | 49,180 | $ | 53,972 | $ | 64,396 | $ | 19,860 | ||||||||||||
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Ratio of earnings to fixed charges | 4.84x | 5.70x | 3.10x | (1) | 5.95x | (2) | 4.51x | (3) | 3.73x |
(1) | Includes asset impairment charges of $161.3 million. Excluding these charges, the ratio for 2011 would have been 6.40x. |
(2) | Includes asset impairment charges of $2.5 million. Excluding these charges, the ratio for 2012 would have been 6.00x. |
(3) | Includes asset impairment charges of $0.7 million. Excluding these charges, the ratio for 2013 would have been 4.52x. |