Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges and Preferred Stock Dividends to Earnings
(unaudited)
Years Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Profit before taxes | $ | 140,703 | $ | 222,795 | $ | 186,082 | $ | 242,522 | $ | (134,323 | ) | $ | (83,003 | ) | ||||||||||
Fixed charges | 23,198 | 21,738 | 24,703 | 36,778 | 36,927 | 16,943 | ||||||||||||||||||
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Earnings | $ | 163,901 | $ | 244,533 | $ | 210,785 | $ | 279,300 | $ | (97,396 | ) | $ | (66,060 | ) | ||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 19,532 | $ | 16,372 | $ | 18,370 | $ | 29,847 | $ | 29,945 | $ | 13,918 | ||||||||||||
Estimated interest expense on rental items | 3,666 | 5,366 | 6,333 | 6,931 | 6,982 | 3,025 | ||||||||||||||||||
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Fixed charges | $ | 23,198 | $ | 21,738 | $ | 24,703 | $ | 36,778 | $ | 36,927 | $ | 16,943 | ||||||||||||
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Preferred stock dividends | $ | — | $ | — | $ | — | — | — | — | |||||||||||||||
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Ratio of Earnings to Fixed Charges | 7.1x | 11.2x | 8.5x | 7.6x | ** | (1) | ** | (1) | ||||||||||||||||
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Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings | 7.1x | 11.2x | 8.5x | 7.6x | ** | (1) | ** | (1) | ||||||||||||||||
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(1) | Earnings were inadequate to cover fixed charges. The coverage deficiency for the six months ended June 30, 2016 and year ended December 31, 2015 was $83 million and $134 million, respectively. |