EX-12.1 9 d726749dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,     Three Months
Ended
 
     2009     2010     2011     2012     2013     March 31, 2014  
     (in thousands, except ratio)              

Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

   $ 8,471      $ (50,074   $ 46,807      $ 73,787      $ 62,174      $ 22,598   

Capitalized interest

     (112     (84     (106     (3,891     (13,324     (4,050

Depreciation of capitalized interest

     30        36        43        302        1,190        1,460   

Distributions from 50% or less owned companies carried at equity

     950        6,482        20,028        38,809        46,564        12,580   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

   $ 9,339      $ (43,640   $ 66,772      $ 109,007      $ 96,604      $ 32,588   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

            

Interest on long-term debt

   $ 13,736      $ 22,992      $ 35,771      $ 40,923      $ 48,583      $ 12,804   

Capitalized interest

     112        84        106        3,891        13,324        4,050   

Rental expenses representative of an interest factor

     2,990        3,904        4,570        5,383        6,919        2,538   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 16,838      $ 26,980      $ 40,447      $ 50,197      $ 68,826      $ 19,392   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges

   $ 26,177      $ (16,660   $ 107,219      $ 159,204      $ 165,430      $ 51,980   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

     1.6        —          2.7        3.2        2.4        2.7