EX-12.1 11 d547156dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed charges

(In thousands)

The ratio of earnings to fixed charges for each of the periods indicated are set forth in the following table.

 

     Years Ended December 31,      Three Months Ended
March 31,		  
     2012     2011     2010     2009      2008      2013     2012  

Earnings (loss) before income taxes

    $ 111,591      $ 70,920      $ 76,196      $ 275,685       $ 15,337       $ (15,557 )    $ 15,920   

Add: Fixed charges

      53,974        55,706        27,382        20,248         17,648         12,914        13,789   

Subtract: Capitalized interest

      (12,570 )      (3,705 )      (480 )      —           —           —          (2,083 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Earnings available for fixed charges

    $ 152,995      $ 122,921      $ 103,098      $ 295,933       $ 32,985         (2,643 )      27,626   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Fixed charges:

                 

Interest expense

    $ 33,796      $ 44,809      $ 22,571      $ 15,505       $ 13,147       $ 10,982      $ 9,728   

Capitalized interest

      12,570        3,705        480        —           —           —          2,083   

Rental expense factor 1

      7,608        7,192        4,331        4,743         4,501         1,932        1,978   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total fixed charges

    $ 53,974      $ 55,706      $ 27,382      $ 20,248       $ 17,648       $ 12,914      $ 13,789   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges

      2.8        2.2        3.8        14.6         1.9         —          2.0   

Coverage deficiency

      —          —          —          —           —         $ 15,557        —     

 

1 

“Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense.

The ratio of earnings to fixed charges is computed by dividing earnings available for fixed charges by fixed charges. Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest and the rental expense factor discussed above.