Exhibit 12.1
STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Year Ended December 31, |
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(in thousands) |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Net income (loss) before income taxes and non controlling interest |
| $ | (220,798 | ) | $ | 86,683 |
| $ | 34,702 |
| $ | (9,896 | ) | $ | (130,044 | ) |
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Addback: (income) or loss from equity investees |
| 42,320 |
| (297 | ) | 22,862 |
| 23,724 |
| — |
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Total fixed charges |
| 17,244 |
| 10,813 |
| 12,266 |
| 36,313 |
| 41,238 |
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Earnings |
| $ | (161,234 | ) | $ | 97,199 |
| $ | 69,830 |
| $ | 50,141 |
| $ | (88,806 | ) |
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Total fixed charges |
| $ | 17,244 |
| $ | 10,813 |
| $ | 12,266 |
| $ | 36,313 |
| $ | 41,238 |
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Ratio of earning to fixed charges(1) |
| — |
| 9.0x |
| 5.7x |
| 1.4x |
| — |
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(1) If we consistently incur net losses before income taxes, we may not be able to maintain a ratio coverage of greater than 1:1. Due to our losses for the fiscal years ended December 31, 2009 and 2013, the ratio coverage in the respective years was less than 1.00 to 1.00. We needed to generate additional earnings of $130.0 million and $178.5 million for the fiscal years ended December 31, 2009 and 2013, respectively.