Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table presents the ratio of earnings to fixed charges for us and our consolidated subsidiaries for each of the periods indicated, including GFI beginning on February 27, 2015. For the purposes of calculating the ratio of earnings to fixed charges, “earnings” consist of income (loss) from operations before income taxes and fixed charges, net. “Fixed charges” consist of interest expense incurred on all indebtedness, amortized premiums, discounts and capitalized expenses relating to indebtedness and interest within rental expense. Neither we nor any of our consolidated subsidiaries had any preferred shares outstanding for any of the periods reflected in this table.

	Nine Months Ended September 30,		Year Ended December 31,
	2016		2015		2014		2013		2012		2011
			(dollars in thousands)
Earnings:
Income (loss) from operations before income taxes1	$	155,030	$	386,951	$	5,433	$	275,429	$	67,512	$	60,964
Add: Fixed charges, net		43,465		69,359		37,949		39,932		36,385		25,606
Income (loss) from operations before income taxes and fixed charges, net	$	198,495	$	456,310	$	43,382	$	315,361	$	103,897	$	86,570
Fixed charges:
Total interest expense	$	39,007	$	62,607	$	32,297	$	32,411	$	29,419	$	22,798
Amortized premiums, discounts and capitalized expenses related to indebtedness		4,458		6,752		5,648		5,921		5,466		1,808
Interest within rental expense		—		—		4		1,600		1,500		1,000
Total fixed charges	$	43,465	$	69,359	$	37,949	$	39,932	$	36,385	$	25,606
Ratio of earnings to fixed charges		4.6		6.6		1.1		7.9		2.9		3.4

¹  Income (loss) from operations before income taxes does not include gains or losses from equity method investees.