EX-12.1 5 d725340dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Calculation of Ratios of Earnings to Fixed Charges

 

     Year Ended December 31,     Three
Months
Ended
March 31,
2014
 
     2009     2010     2011     2012     2013    

Earnings:

            

Pre-tax income

   $ 153,975      $ 196,019      $ 104,135 (1)    $ 267,165 (2)    $ 236,236 (3)    $ 52,439   

Plus: Distributions of earnings from unconsolidated investments

     —          —          —          —          24,113        11,645   

Plus: Fixed charges

     40,123        41,677        49,180        53,972        64,936        19,860   

Less: Non-controlling interest

     —          —          (998     —          —          —     

Less: Capitalized interest

     (15     (42     —          —          —          —     

Less: Equity and other unconsolidated investments income

     —          —          —          —          (34,186     (9,779
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 194,083      $ 237,696      $ 152,317      $ 321,137      $ 290,559      $ 74,165   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

            

Interest expense

   $ 40,108      $ 41,635      $ 49,180      $ 53,972      $ 64,396      $ 19,860   

Plus: Capitalized interest

     15        42        42        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 40,123      $ 41,677      $ 49,180      $ 53,972      $ 64,396      $ 19,860   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     4.84x        5.70x        3.10x (1)      5.95x (2)      4.51x (3)      3.73x   

 

(1) Includes asset impairment charges of $161.3 million. Excluding these charges, the ratio for 2011 would have been 6.40x.
(2) Includes asset impairment charges of $2.5 million. Excluding these charges, the ratio for 2012 would have been 6.00x.
(3) Includes asset impairment charges of $0.7 million. Excluding these charges, the ratio for 2013 would have been 4.52x.