Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
Six Months Ended June 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands, except for ratio) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax income before adjustment for income or loss from equity investees | 102,942 | (5,833 | ) | 131,717 | 177,536 | 232,126 | 308,478 | |||||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 134,759 | 185,299 | 142,418 | 145,338 | 137,388 | 120,409 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
NCI | 4,035 | 7,732 | 16,580 | 21,837 | 31,274 | 37,140 | ||||||||||||||||||
Total Earnings | 233,666 | 171,734 | 257,555 | 301,037 | 338,240 | 391,747 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest and debt expense | 134,281 | 184,014 | 140,644 | 137,370 | 133,222 | 119,821 | ||||||||||||||||||
Write-off of deferred financing fees | 43 | 141 | 1,170 | 7,468 | 3,568 | - | ||||||||||||||||||
Interest factor for rent expense(1) | 435 | 1,144 | 604 | 500 | 598 | 588 | ||||||||||||||||||
Total Fixed Charges | 134,759 | 185,299 | 142,814 | 145,338 | 137,388 | 120,409 | ||||||||||||||||||
Ratio of earnings to fixed charges(2) | 1.7 | — | (3) | 1.8 | 2.1 | 2.5 | 3.3 | |||||||||||||||||
Deficency | — | (13,565 | ) | — | — | — | — |
(1) | Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
(2) | Our ratio of earnings to combined fixed charges and preferred dividends for the periods above are the same as our ratio of earnings to fixed charges because we had no preference shares outstanding for the periods presented and currently have no preference shares outstanding. |
(3) | Earnings were insufficient to cover fixed charges for such period. The amount of the deficiency by which earnings did not cover fixed charges and preferred stock dividends is disclosed in the above table for each applicable period. |