EX-12.1 2 star-12312013xex121.htm EXHIBIT 12.1 STAR-12.31.2013-Ex12.1



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 Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before earnings from equity method investments and other items(1)
$
(255,574
)
 
$
(409,242
)
 
$
(150,820
)
 
$
(253,818
)
 
$
(785,647
)
    Add: Fixed charges as calculated below
270,872

 
359,844

 
348,664

 
349,041

 
485,624

Add: Distributions of earnings from equity method investments
17,252

 
105,586

 
85,766

 
32,650

 
36,766

Less: Capitalized interest
(2,590
)
 
(1,794
)
 
(788
)
 
(466
)
 
(263
)
Total earnings
$
29,960

 
$
54,394

 
$
282,822

 
$
127,407

 
$
(263,520
)
Fixed charges:
 
 
 
 
 
 
 
 
 
    Interest expense(2)
$
266,225

 
$
356,161

 
$
345,914

 
$
346,500

 
$
481,116

    Add: Capitalized interest
2,590

 
1,794

 
788

 
466

 
263

Implied interest component on the company's rent obligations
2,057

 
1,889

 
1,962

 
2,075

 
4,245

Fixed charges
$
270,872

 
$
359,844

 
$
348,664

 
$
349,041

 
$
485,624

    Preferred dividends
49,020

 
42,320

 
42,320

 
42,320

 
42,320

Fixed charges and preferred dividends
$
319,892

 
$
402,164

 
$
390,984

 
$
391,361

 
$
527,944

    Earnings to fixed charges(3)
—

 
—

 
—

 
—

 
—

    Earnings to fixed charges and preferred dividends(3)
—

 
—

 
—

 
—

 
—


Explanatory Notes:
_______________________________________________________________________________

(1)
Prior period presentation has been restated to conform to current period presentation.
(2)
For the years ended December 31, 2013, 2012, 2011, 2010 and 2009, interest expense includes $0, $1,064, $3,728, $32,734 and $69,326, respectively, of interest expense reclassified to discontinued operations.
(3)
For the years ended December 31, 2013, 2012, 2011, 2010 and 2009 earnings were not sufficient to cover fixed charges by $240,912, $305,450, $65,842, $221,634 and $749,144, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $289,932, $347,770, $108,162, $263,954 and $791,464, respectively.