Exhibit 12.1
STATEMENT RE: COMPUTATION OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
| Year ended December 31, | ||||||||||||||||||||||||
| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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| 2012 |
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Earnings |
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Add: |
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Income (loss) before income taxes | $ |
| (399,072 | ) |
| $ |
| 8,039 |
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| $ |
| 12,932 |
|
| $ |
| (37,447 | ) |
| $ |
| (12,917 | ) |
|
Interest and amortization of deferred financing costs |
|
| 113,440 |
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| 98,290 |
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| 92,926 |
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| 99,465 |
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| 97,942 |
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Implicit rental interest expense |
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| 12,471 |
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| 12,182 |
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| 12,080 |
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| 10,773 |
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| 9,947 |
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Total earnings | $ |
| (273,161 | ) |
| $ |
| 118,511 |
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| $ |
| 117,938 |
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| $ |
| 72,791 |
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| $ |
| 94,972 |
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Fixed Charges |
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Interest and amortization of deferred financing costs |
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| 113,440 |
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| 98,290 |
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| 92,926 |
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| 99,465 |
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| 97,942 |
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Capitalized interest |
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| 2,405 |
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| 500 |
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| 710 |
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| 861 |
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| 595 |
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Implicit rental interest expense |
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| 12,471 |
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| 12,182 |
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| 12,080 |
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| 10,773 |
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| 9,947 |
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Total fixed charges |
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| 128,316 |
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| 110,972 |
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| 105,716 |
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| 111,099 |
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| 108,484 |
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Ratio of earnings to fixed charges |
| * |
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| 1.07 |
| x |
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| 1.12 |
| x |
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| 0.66 |
| x |
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| 0.88 |
| x |
* For the year ended December 31, 2016, earnings were insufficient to cover fixed charges by approximately $401.4 million.