Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
Our ratio of earnings to fixed charges is as follows:
|
| Nine Months |
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|
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|
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|
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|
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| |
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| Ended |
|
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|
|
|
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|
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| |
|
| September 30, 2017 |
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before provision for income taxes and noncontrolling interest |
| $ | 206,801 |
|
| $ | 78,225 |
|
| $ | 43,124 |
|
| $ | (45,321 | ) |
| $ | (440,859 | ) |
Interest expense and other |
|
| 52,794 |
|
|
| 63,399 |
|
|
| 57,894 |
|
|
| 62,919 |
|
|
| 5,748 |
|
Portion of rents representative of the interest factor(1) |
|
| 11,226 |
|
|
| 11,994 |
|
|
| 13,480 |
|
|
| 35,516 |
|
|
| 38,850 |
|
|
|
| 270,821 |
|
|
| 153,618 |
|
|
| 114,498 |
|
|
| 53,114 |
|
|
| (396,261 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, including amount capitalized |
|
| 53,996 |
|
|
| 74,624 |
|
|
| 73,603 |
|
|
| 85,361 |
|
|
| 8,886 |
|
Portion of rents representative of the interest factor(1) |
|
| 11,226 |
|
|
| 11,994 |
|
|
| 13,480 |
|
|
| 35,516 |
|
|
| 38,850 |
|
|
| $ | 65,222 |
|
| $ | 86,618 |
|
| $ | 87,083 |
|
| $ | 120,877 |
|
| $ | 47,736 |
|
Ratio of earnings to fixed charges(2) |
| 4.15x |
|
| 1.77x |
|
| 1.31x |
|
| — |
|
| — |
|
(1) | 33% of rental expense |
(2) | For the years ended December 31, 2014 and 2013, earnings were deficient to cover fixed charges by $67,763 and $443,997, respectively, primarily as a result of operating losses. |