EX-12.1 8 ras-ex121_6.htm EX-12.1 ras-ex121_6.htm

 

 

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

Our ratio of earnings to fixed charges and our ratio of earnings to fixed charges and preferred share dividends for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income (loss) from our consolidated statements of operations, as adjusted for fixed charges; fixed charges represent interest expense and preferred share dividends represent income or loss allocated to preferred shares from our consolidated statements of operations.

The following table presents our ratio of earnings to fixed charges and our ratio of earnings to fixed charges and preferred share dividends for the six-month period ended June 30, 2017 and for the five years ended December 31, 2016 (dollars in thousands):

 

  

For the Six-Month

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ended

 

 

For the Years Ended December 31

 

 

 

June 30, 2017

 

 

2016

 

 

2015

 

 

 

 

2014

 

 

2013

 

 

2012

 

 

Income (loss) from continuing operations (1)

$

(138,423

)

 

$

(37,879

)

 

$

28,593

 

 

 

 

$

(292,830

)

 

$

(286,919

)

 

$

(168,995

)

 

Add back fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

39,345

 

 

 

118,792

 

 

 

113,588

 

 

#

 

 

85,701

 

 

 

70,892

 

 

 

75,317

 

 

Earnings before fixed charges and preferred share dividends

$

(99,078

)

 

$

80,913

 

 

$

142,181

 

 

 

 

$

(207,129

)

 

 

(216,027

)

 

 

(93,678

)

 

Fixed charges and preferred share dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

39,345

 

 

 

118,792

 

 

 

113,588

 

 

 

 

 

85,701

 

 

 

70,892

 

 

 

75,317

 

 

Preferred share dividends

 

17,343

 

 

 

35,160

 

 

 

32,830

 

 

 

 

 

28,993

 

 

 

22,616

 

 

 

14,660

 

 

Total fixed charges and preferred share dividends

$

56,688

 

 

$

153,952

 

 

$

146,418

 

 

#

 

$

114,694

 

 

$

93,508

 

 

$

89,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

—

 

(3)

 

0.68

x

 

 

1.25

x

 

 

 

—

 

(3)

—

 

(3)

—

 

(3)

Ratio of earnings to fixed charges and preferred share dividends

—

 

(4)

 

0.53

x

 

 

0.97

x

 

 

 

—

 

(4)

—

 

(4)

—

 

(4)

 

(1)

Exhibit 12.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 utilized net income (loss) in the computation of the ratios of earnings to fixed charges and earnings to fixed charges and preferred dividends instead of income (loss) from continuing operations.  This error has been corrected in Exhibit 12.1 in this Quarterly Report on Form 10-Q for the period ended June 30, 2017.

 

(2)

Exhibit 12.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 excluded investment interest expense from fixed charges for the year ended December 31, 2016.  This error has been corrected in Exhibit 12.1 in this Quarterly Report on Form 10-Q for the period ended June 30, 2017.

 

(3)

The dollar amount of the deficiency for the six months ended June 30, 2017 is $138.4 million and for the years ended December 31, 2016, 2014, 2013, and 2012 is $37.9 million, $292.8 million, $286.9 million, and $169.0 million, respectively.

 

(4)

The dollar amount of the deficiency for the six months ended June 30, 2017 is $155.7 million and for the years ended December 31, 2016, 2015, 2014, 2013, and 2012 is $73.0 million, $4.2 million, $321.8 million, $309.5 million, and $183.7 million, respectively.