EX-12.1 6 d572111dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS

(in thousands, except ratio data)

 

     Year Ended December 31,  
     2013     2014     2015     2016     2017  

EARNINGS (1)

           

Pre-tax income from continuing operations before noncontrolling interests and income from equity investees

    $ 62,174     $ 65,912     $ 359,371     $ 43,936     $ 6,827  

add: Fixed charges

      68,826       90,042       130,358       180,519       211,213  

add: Distributed income of equity investees

      46,564       75,528       103,982       129,088       121,274  

add: Amortization of capitalized interest

      1,190       2,109       3,247       5,019       6,020  

less: Capitalized interest

      (13,324 )      (13,785 )      (17,068 )      (26,576 )      (15,022 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ 165,430     $ 219,806     $ 579,890     $ 331,986     $ 330,312  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES (1)

           

Interest charged to expense and capitalized

    $ 48,583     $ 66,772     $ 104,082     $ 143,466     $ 181,489  

Capitalized interest

      13,324       13,785       17,068       26,576       15,022  

Portion of rent expense related to interest

      6,919       9,485       9,208       10,477       9,233  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      68,826       90,042       130,358       180,519       205,744  

Class A preferred unit distributions (2)(3)

      —         —         —         —         5,469  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Combined Fixed Charges and Preferred Unit Distributions

    $ 68,826     $ 90,042     $ 130,358     $ 180,519     $ 211,213  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES (4)

      2.4x       2.4x       4.4x       1.8x       1.6x  

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS (2)(4)

      —         —         —         —         1.6x  

 

(1) For purposes of computing the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred unit distributions, "earnings" consists of pre-tax income from continuing operations before income from equity investees plus fixed charges (excluding capitalized interest), distributed income of equity investees and amortization of capitalized interest. "Fixed charges" represents interest incurred (whether charged to expense or capitalized), amortization of debt expense (including discounts and premiums relating to indebtedness) and the portion of rental expense on leases deemed to be the equivalent of interest.

(2) As no preferred units were outstanding for any of the years ended December 31, 2016, 2015, 2014 or 2013, no historical ratio of earnings to combined fixed charges and preferred unit distributions are presented for those years.
(3) Distributions on our Class A convertible preferred units (the "Class A preferred units") were paid in additional Class A preferred units for the year ended December 2017. We issued 162,234 additional Class A preferred units in lieu of cash distributions of $5.5 million pertaining to the year ended December 31, 2017.
(4) Ratios may not recalculate due to rounding.