Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges
(dollars in thousands)
|
| | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2015 | | 2014 | | 2013 | | 2012 | | 2011 |
| Earnings | | | | | | | | | |
| Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) | $ | 140,991 |
| | $ | 21,761 |
| | $ | (1,995 | ) | | $ | (17,322 | ) | | $ | (256,882 | ) |
| Add (subtract): | | | | | | | | | |
| Distributions from unconsolidated ventures | 10,793 |
| | — |
| | — |
| | — |
| | — |
|
| Interest expense | 778 |
| | — |
| | — |
| | — |
| | — |
|
| Total earnings | $ | 152,562 |
| | $ | 21,761 |
| | $ | (1,995 | ) | | $ | (17,322 | ) | | $ | (256,882 | ) |
| Fixed Charges | | | | | | | | | |
| Interest expense | 778 |
| | — |
| | — |
| | — |
| | — |
|
| Total Fixed Charges | 778 |
| | — |
| | — |
| | — |
| | — |
|
| Total Combined Fixed Charges and Preferred Stock Dividends | $ | 778 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
|
Ratio of earnings to fixed charges(1) | 196.10 |
| | NA | | NA | | NA | | NA |
Ratio of earnings to combined fixed charges and preferred stock dividends(2) | NA | | NA | | NA | | NA | | NA |
| Deficiency related to ratio of earnings to fixed charges | NA | | NA | | NA | | NA | | NA |
________________________________
| |
| (1) | Because there were no fixed charges prior to 2015 the ratio is not applicable. |
| |
| (2) | Because there was no preferred stock outstanding for the periods presented, the ratio is not applicable. |
