Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and gains and losses related to retiring certain debt early. We have calculated the ratio of earnings to fixed charges by adding net income to fixed charges and dividing that sum by such fixed charges.
| Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||||||
| (in thousands, except for ratios) | 2011 | 2012 | 2013 | 2014 | 2015 | 2015 | 2016 | |||||||||||||||||||||
| Net income | $ | 52,606 | $ | 120,698 | $ | 172,521 | $ | 221,349 | $ | 233,315 | $ | 43,052 | $ | 58,196 | ||||||||||||||
| Interest expense(1) | 86,899 | 106,096 | 92,048 | 126,869 | 183,208 | 43,089 | 39,652 | |||||||||||||||||||||
| Income before fixed charges | $ | 139,505 | $ | 226,794 | $ | 264,569 | $ | 348,218 | $ | 416,523 | $ | 86,141 | $ | 97,848 | ||||||||||||||
| Capitalized interest | $ | 139 | $ | 240 | $ | 190 | $ | — | $ | 3,701 | $ | 20 | $ | 1,720 | ||||||||||||||
| Interest expense(1) | 86,899 | 106,096 | 92,048 | $ | 126,869 | $ | 183,208 | $ | 43,089 | $ | 39,652 | |||||||||||||||||
| Total fixed charges | $ | 87,038 | $ | 106,336 | $ | 92,238 | $ | 126,869 | $ | 186,909 | $ | 43,109 | $ | 41,372 | ||||||||||||||
| Earnings/fixed charges coverage ratio | 1.6x | 2.1x | 2.9x | 2.7x | 2.2x | 2.0x | 2.4x | |||||||||||||||||||||
(1)Includes interest refinancing costs, gains and losses on refinancing and amortization of deferred financing costs.