Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | Three Months Ended | |||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | March 31, 2017 | |||||||||||||||||||
| (in thousands, except ratio) | ||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees | $ | 73,787 | $ | 62,174 | $ | 65,912 | $ | 371,122 | $ | 66,480 | $ | 15,858 | ||||||||||||
Capitalized interest | (3,891 | ) | (13,324 | ) | (13,785 | ) | (17,068 | ) | (26,576 | ) | (6,035 | ) | ||||||||||||
Depreciation of capitalized interest | 302 | 1,190 | 2,109 | 3,247 | 5,019 | 5,421 | ||||||||||||||||||
Distributions from 50% or less owned companies carried at equity | 38,809 | 46,564 | 75,528 | 97,468 | 87,220 | 20,625 | ||||||||||||||||||
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Adjustedpre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees | $ | 109,007 | $ | 96,604 | $ | 129,764 | $ | 454,769 | $ | 132,143 | $ | 35,869 | ||||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest on long-term debt | $ | 40,923 | $ | 48,583 | $ | 66,772 | $ | 99,730 | $ | 138,737 | $ | 36,422 | ||||||||||||
Capitalized interest | 3,891 | 13,324 | 13,785 | 17,068 | 26,576 | 6,035 | ||||||||||||||||||
Rental expenses representative of an interest factor | 5,383 | 6,919 | 9,485 | 9,208 | 10,477 | 2,619 | ||||||||||||||||||
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Total fixed charges | $ | 50,197 | $ | 68,826 | $ | 90,042 | $ | 126,006 | $ | 175,790 | $ | 45,076 | ||||||||||||
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Adjustedpre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges | $ | 159,204 | $ | 165,430 | $ | 219,806 | $ | 580,775 | $ | 307,933 | $ | 80,945 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 3.2 | 2.4 | 2.4 | 4.6 | 1.8 | 1.8 | ||||||||||||||||||