Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Nine Months Ended September 30, 2013 | Year Ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pretax income (loss) from continuing operations | $ | 515,207 | $ | 414,421 | $ | (222,892 | ) | $ | (104,468 | ) | $ | (71,952 | ) | $ | (76,778 | ) | ||||||||
Fixed charges | 38,272 | 47,980 | 23,878 | 18,097 | 5,558 | 10,067 | ||||||||||||||||||
Amortization of capitalized interest | 243 | 325 | 315 | 51 | 20 | 20 | ||||||||||||||||||
Interest capitalized | (1,181 | ) | — | — | (6,433 | ) | (516 | ) | — | |||||||||||||||
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Adjusted earnings | $ | 552,541 | $ | 462,726 | $ | (198,699 | ) | $ | (92,753 | ) | $ | (66,890 | ) | $ | (66,691 | ) | ||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 34,776 | $ | 45,304 | $ | 21,282 | $ | 9,118 | $ | 2,337 | $ | 7,752 | ||||||||||||
Interest capitalized | 1,181 | — | — | 6,433 | 516 | — | ||||||||||||||||||
Assumed interest component of rental charges | 2,315 | 2,676 | 2,596 | 2,546 | 2,705 | 2,315 | ||||||||||||||||||
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Total fixed charges | $ | 38,272 | $ | 47,980 | $ | 23,878 | $ | 18,097 | $ | 5,558 | $ | 10,067 | ||||||||||||
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Ratio of earnings to fixed charges | 14.44 | 9.64 | (A | ) | (A | ) | (A | ) | (A | ) | ||||||||||||||
| (A) | Due to the Company’s losses for the years ended December 31, 2011, 2010, 2009, and 2008, the ratio coverage was less than 1:1. To achieve a coverage ratio of 1:1, the Company would have had to generate additional earnings of the amounts shown in the table below. |
| Year Ended December 31, | ||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | |||||||||||||
Coverage deficiency | $ | 222,577 | $ | 110,850 | $ | 72,448 | $ | 76,758 | ||||||||
