EX-12.1 2 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:

 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended December 31,
 
 
2016
     
2015
     
2014
     
2013
     
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio computation)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
53,749

 
$
8,991

 
$
270,077

 
$
71,052

 
$
(15,745
)
Interest
 
24,651

 
25,924

 
27,060

 
19,378

 
25,001

Earnings available for fixed charges
 
$
78,400

 
$
34,915

 
$
297,137

 
$
90,430

 
$
9,256

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest
 
$
24,651

 
$
25,924

 
$
27,060

 
$
19,378

 
$
25,001

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

 
1.3

 
11.0

 
4.7

 
0.4



(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.