EX-12.1 6 a121ratioofearnings.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Distributions


The following table sets forth our ratio of earnings to combined fixed charges and preferred share dividends for each of the periods indicated:

 
 
Nine Months
 
 
 
 
 
 
 
 
 
 
 
 
Ended September 30,
 
Fiscal Years Ended December 31,
 
 
2016
     
2015
     
2014
     
2013
     
2012
     
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio computation)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
51,947

 
$
8,991

 
$
270,077

 
$
71,052

 
$
(15,745
)
 
$
84,794

Interest
 
23,204

 
25,924

 
27,060

 
19,378

 
25,001

 
12,587

Earnings available for fixed charges
 
$
75,151

 
$
34,915

 
$
297,137

 
$
90,430

 
$
9,256

 
$
97,381

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest
 
$
23,204

 
$
25,924

 
$
27,060

 
$
19,378

 
$
25,001

 
$
12,587

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share distributions (1)
 
3.2

 
1.3

 
11.0

 
4.7

 
0.4
 
7.7




(1) The ratio of earnings to fixed charges was below one-to-one for the year ended December 31, 2012 as a result of discontinued operations. The earnings available for fixed charges was $15.7 million less than the total of fixed charges.