EX-12.1 3 a2219964zex-12_1.htm EX-12.1
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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

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

Earnings:

                                            

Income (loss) before income taxes

   $ (72,964 ) $ 8,759   $ (1,380,378 ) $ (67,066 ) $ 5,399   $ 3,412   $ (74,730 )

Adjustments:

                                            

Equity investment (income) loss

     (831 )   67     (97 )   (373 )   —     —     —  

Interest capitalized

     (46,816 )   (52,804 )   (203,993 )   (53,492 )   —     —     —  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes, as adjusted

   $ (120,611 ) $ (43,978 ) $ (1,584,468 ) $ (120,931 ) $ 5,399   $ 3,412   $ (74,730 )

Fixed charges

     79,275     58,221     262,046     86,589     17,808     23,087     19,021  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

   $ (41,336 ) $ 14,243   $ (1,322,422 ) $ (34,342 ) $ 23,207   $ 26,499   $ (55,709 )
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Fixed charges:

                                            

Interest expense and amortization of finance costs

   $ 78,654   $ 57,398   $ 259,159   $ 85,372   $ 17,373   $ 22,655   $ 18,590  

Rental expense representative of interest factor

     621     823     2,887     1,217     435     432     431  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 79,275   $ 58,221   $ 262,046   $ 86,589   $ 17,808   $ 23,087   $ 19,021  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Ratio of earnings to fixed charges

     —(1)     —(3)     —(4)     —(5)     1.3     1.1     —(7)  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Total fixed charges

   $ 79,275   $ 58,221   $ 262,046   $ 86,589   $ 17,808   $ 23,087   $ 19,021  

Pre-tax preferred dividend requirements

     4,959     —     12,132     110,075     —     —     —  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges plus preference dividends

   $ 84,234   $ 58,221   $ 274,178   $ 196,664   $ 17,808   $ 23,087   $ 19,021  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Ratio of earnings to combined fixed charges and preference dividends

     —(2)     —(3)     —(4)     —(6)     1.3     1.1     —(7)  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
(1)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.6 million to achieve a coverage ratio of 1:1.

(2)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $125.6 million to achieve a coverage ratio of 1:1.

(3)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $44.0 million to achieve a coverage ratio of 1:1.

(4)
Due to the Company's "Loss before income taxes, as adjusted" in 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.

(5)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.

(6)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.

(7)
Due to the Company's "Loss before income taxes, as adjusted" in 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $74.7 million to achieve a coverage ratio of 1:1.



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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)