EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees | $ | (50,074 | ) | $ | 46,807 | $ | 73,787 | $ | 62,174 | $ | 65,912 | |||||||||
Capitalized interest | (84 | ) | (106 | ) | (3,891 | ) | (13,324 | ) | (13,785 | ) | ||||||||||
Depreciation of capitalized interest | 36 | 43 | 302 | 1,190 | 2,109 | |||||||||||||||
Distributions from 50% or less owned companies carried at equity | 6,482 | 20,028 | 38,809 | 46,564 | 75,528 | |||||||||||||||
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Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees | $ | (43,640 | ) | $ | 66,772 | $ | 109,007 | $ | 96,604 | $ | 129,764 | |||||||||
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Fixed charges | ||||||||||||||||||||
Interest on long-term debt | $ | 22,992 | $ | 35,771 | $ | 40,923 | $ | 48,583 | $ | 66,639 | ||||||||||
Capitalized interest | 84 | 106 | 3,891 | 13,324 | 13,785 | |||||||||||||||
Rental expenses representative of an interest factor | 3,904 | 4,570 | 5,383 | 6,919 | 9,485 | |||||||||||||||
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Total fixed charges | $ | 26,980 | $ | 40,447 | $ | 50,197 | $ | 68,826 | $ | 89,909 | ||||||||||
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Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges | $ | (16,660 | ) | $ | 107,219 | $ | 159,204 | $ | 165,430 | $ | 219,673 | |||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | — | 2.7 | 3.2 | 2.4 | 2.4 |