Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early. We have calculated the ratio of earnings to fixed charges by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges.
| Year Ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2014 | 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 58,436 | $ | 52,606 | $ | 120,698 | $ | 172,521 | $ | 221,349 | $ | 55,829 | $ | 43,052 | |||||||||||||
| Interest expense | 90,602 | 86,899 | 106,096 | 92,048 | 126,869 | 30,043 | 43,089 | ||||||||||||||||||||
| Income before fixed charges | $ | 149,038 | $ | 139,505 | $ | 226,794 | $ | 264,569 | $ | 348,218 | $ | 85,872 | $ | 86,141 | |||||||||||||
| Capitalized interest | $ | 22 | $ | 139 | $ | 240 | $ | 190 | $ | — | $ | — | $ | 20 | |||||||||||||
| Interest expense | 90,602 | 86,899 | 106,096 | 92,048 | 126,869 | 30,043 | 43,089 | ||||||||||||||||||||
| Total fixed charges | $ | 90,624 | $ | 87,038 | $ | 106,336 | $ | 92,238 | $ | 126,869 | $ | 30,043 | $ | 43,109 | |||||||||||||
| Earnings / fixed charge coverage ratio | 1.6 | x | 1.6 | x | 2.1 | x | 2.9 | x | 2.7 | x | 2.9 | x | 2.0 | x | |||||||||||||