EX-12.1 4 a2233151zex-12_1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends

($ in thousands, except ratios)

 

 

 

For the Six
Months
Ended June
30,

 

For the Years Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before earnings from equity method investments and other items

 

$

38,903

 

$

(110,899

)

$

(139,564

)

$

(178,293

)

$

(264,644

)

$

(411,106

)

Add: Fixed charges as calculated below

 

105,323

 

229,152

 

231,967

 

232,037

 

270,872

 

359,844

 

Add: Distributions from operations of equity method investments

 

35,502

 

48,732

 

29,999

 

80,116

 

17,252

 

105,586

 

Less: Capitalized interest

 

(4,010

)

(5,809

)

(5,337

)

(4,893

)

(2,590

)

(1,794

)

Total earnings

 

$

175,718

 

$

161,176

 

$

117,065

 

$

128,967

 

$

20,890

 

$

52,530

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

100,332

 

$

221,398

 

$

224,639

 

$

224,483

 

$

266,225

 

$

356,161

 

Add: Capitalized interest

 

4,010

 

5,809

 

5,337

 

4,893

 

2,590

 

1,794

 

Implied interest component on the company’s rent obligations

 

981

 

1,945

 

1,991

 

2,661

 

2,057

 

1,889

 

Fixed charges

 

$

105,323

 

$

229,152

 

$

231,967

 

$

232,037

 

$

270,872

 

$

359,844

 

Preferred dividends

 

25,660

 

51,320

 

51,320

 

51,320

 

49,020

 

42,320

 

Fixed charges and preferred dividends

 

$

130,983

 

$

280,472

 

$

283,287

 

$

283,357

 

$

319,892

 

$

402,164

 

Earnings to fixed charges(2)

 

1.67x

 

—

 

—

 

—

 

—

 

—

 

Earnings to fixed charges and preferred dividends(2)

 

1.34x

 

—

 

—

 

—

 

—

 

—

 

 

(1)                                 For the years ended December 31, 2012, interest expense includes $1,064 of interest expense reclassified to discontinued operations.

 

(2)                                 For the years ended December 31, 2016, 2015, 2014, 2013 and 2012 earnings were not sufficient to cover fixed charges by $67,976, $114,902, $103,070, $249,982 and $307,314, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $119,296, $166,222, $154,390, $299,002 and $349,634, respectively.