Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | 9 months | |||||||||||||||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 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 | $ | 8,471 | $ | (50,074 | ) | $ | 46,807 | $ | 73,787 | $ | 62,174 | $ | 65,912 | $ | 371,122 | $ | 66,480 | $ | 40,470 | |||||||||||||||||
Capitalized interest | (112 | ) | (84 | ) | (106 | ) | (3,891 | ) | (13,324 | ) | (13,785 | ) | (17,068 | ) | (26,576 | ) | (13,839 | ) | ||||||||||||||||||
Depreciation of capitalized interest | 30 | 36 | 43 | 302 | 1,190 | 2,109 | 3,247 | 5,019 | 4,457 | |||||||||||||||||||||||||||
Distributions from 50% or less owned companies carried at equity | 950 | 6,482 | 20,028 | 38,809 | 46,564 | 75,528 | 97,468 | 87,220 | 60,371 | |||||||||||||||||||||||||||
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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 | $ | 9,339 | $ | (43,640 | ) | $ | 66,772 | $ | 109,007 | $ | 96,604 | $ | 129,764 | $ | 454,769 | $ | 132,143 | $ | 91,458 | |||||||||||||||||
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Fixed charges | ||||||||||||||||||||||||||||||||||||
Interest on long-term debt | $ | 13,736 | $ | 22,992 | $ | 35,771 | $ | 40,923 | $ | 48,583 | $ | 66,772 | $ | 99,730 | $ | 138,737 | $ | 125,557 | ||||||||||||||||||
Capitalized interest | 112 | 84 | 106 | 3,891 | 13,324 | 13,785 | 17,068 | 26,576 | 13,839 | |||||||||||||||||||||||||||
Rental expenses representative of an interest factor | 2,990 | 3,904 | 4,570 | 5,383 | 6,919 | 9,485 | 9,208 | 10,477 | 7,857 | |||||||||||||||||||||||||||
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Total fixed charges | $ | 16,838 | $ | 26,980 | $ | 40,447 | $ | 50,197 | $ | 68,826 | $ | 90,042 | $ | 126,006 | $ | 175,790 | $ | 147,253 | ||||||||||||||||||
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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 | $ | 26,177 | $ | (16,660 | ) | $ | 107,219 | $ | 159,204 | $ | 165,430 | $ | 219,806 | $ | 580,775 | $ | 307,933 | $ | 238,712 | |||||||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 1.6 | — | 2.7 | 3.2 | 2.4 | 2.4 | 4.6 | 1.8 | 1.6 | |||||||||||||||||||||||||||