Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months |
| Year Ended December 31, |
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|
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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| (dollars in thousands) |
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Earnings: |
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Income (loss) before income taxes |
| $ | 59,217 |
| $ | (11,858 | ) | $ | 251,838 |
| $ | 22,334 |
| $ | (2,606 | ) | $ | 60,499 |
|
Add: Fixed charges |
| 14,878 |
| 64,766 |
| 42,057 |
| 30,926 |
| 25,452 |
| 22,126 |
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Total Earnings Available for Fixed Charges |
| $ | 74,096 |
| $ | 52,908 |
| $ | 293,895 |
| $ | 53,260 |
| $ | 22,845 |
| $ | 82,625 |
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Fixed Charges: |
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Interest expense |
| $ | 14,798 |
| $ | 64,458 |
| $ | 41,875 |
| $ | 30,774 |
| $ | 25,292 |
| $ | 21,994 |
|
Rental expense attributable to interest |
| 80 |
| 308 |
| 182 |
| 151 |
| 160 |
| 131 |
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Total Fixed Charges |
| $ | 14,878 |
| $ | 64,766 |
| $ | 42,057 |
| $ | 30,926 |
| $ | 25,452 |
| $ | 22,126 |
|
Ratio of Earnings to Fixed Charges |
| 5.0 |
| —(1) |
| 7.0 |
| 1.7 |
| —(2) |
| 3.7 |
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(1) Earnings for the year ended December 31, 2015 were insufficient to cover fixed charges by approximately $11.9 million.
(2) Earnings for the year ended December 31, 2012 were insufficient to cover fixed charges by approximately $2.6 million.
