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 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.

	Year Ended December 31,
	2016		2015		2014			2013		2012
	(dollars in thousands)
Earnings:
Income from operations before income taxes1	$	184,717	$	378,014	$	(5,793	)	$	269,538	$	67,512
Add: Fixed charges, net		57,637		69,359		37,949			39,932		36,385
Income from operations before income taxes and fixed charges, net		242,354	$	447,373	$	32,156		$	309,470	$	103,897
Fixed charges:
Total interest expense		52,501	$	62,607	$	32,297		$	32,411	$	29,419
Amortized premiums, discounts and capitalized expenses related to indebtedness		5,136		6,752		5,648			5,921		5,466
Interest within rental expense		—		—		4			1,600		1,500
Total fixed charges	$	57,637	$	69,359	$	37,949		$	39,932	$	36,385
Ratio of earnings to fixed charges		4.2		6.5		0.8			7.7		2.9

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