EX-12.1 3 exhibit121computationofrat.htm EXHIBIT 12.1 Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges


Exhibit 12.1

Computation of Earnings to Fixed Charges
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
 
(In thousands)
Earnings (loss) before income taxes
$
1,002,676

 
$
453,479

 
$
617,087

 
$
202,528

 
$
(43,126
)
Add:
 

 
 

 
 

 
 

 
 

Interest expense
89,276

 
68,040

 
81,349

 
134,601

 
146,549

Amortization of loan fees
7,786

 
6,541

 
6,860

 
8,926

 
9,739

Amortization of capitalized interest
1,590

 
1,580

 
1,479

 
1,231

 
1,140

Interest component of rental expense
16,525

 
7,271

 
7,857

 
5,873

 
5,779

Earnings as adjusted
$
1,117,853

 
$
536,911

 
$
714,632

 
$
353,159

 
$
120,081

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
89,276

 
$
68,040

 
$
81,349

 
$
134,601

 
$
146,549

Amortization of loan fees
7,786

 
6,541

 
6,860

 
8,926

 
9,739

Capitalized interest
2,345

 
1,948

 
2,359

 
1,958

 
4,248

Interest component of rental expense
16,525

 
7,271

 
7,857

 
5,873

 
5,779

Fixed charges
$
115,932

 
$
83,800

 
$
98,425

 
$
151,358

 
$
166,315

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
9.64

 
6.41

 
7.26

 
2.33

 
—

 
 
 
 
 
 
 
 
 
 
Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
46,234