EX-12.1 2 a063018-ex121ratioofearnin.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 distributions for each of the periods indicated:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
Fiscal Years Ended December 31,
 
 
2018
 
2017
     
2016
     
2015
     
2014
     
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio computation)
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
(2,253
)
 
$
33,272

 
$
53,749

 
$
8,991

 
$
270,077

 
$
71,052

Add: Fixed charges included in income (loss) from operations
 
25,745

 
27,623

 
24,651

 
25,924

 
27,060

 
19,378

Total earnings available for fixed charges
 
$
23,492

 
$
60,895

 
$
78,400

 
$
34,915

 
$
297,137

 
$
90,430

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
25,745

 
$
27,623

 
$
24,651

 
$
25,924

 
$
27,060

 
$
19,378

Total fixed charges before preferred distribution requirements
 
25,745

 
27,623

 
24,651

 
25,924

 
27,060

 
19,378

Preferred share distribution requirements
 
5,966

 
2,457

 

 

 

 

Total combined fixed charges and preferred share distribution requirements
 
$
31,711

 
$
30,080

 
$
24,651

 
$
25,924

 
$
27,060

 
$
19,378

 
 
 
 
 
 
 
 
 
 
 
 

Ratio of earnings to combined fixed charges and preferred share distribution requirements (1)
 
0.7

 
2.0

 
3.2

 
1.3

 
11.0

 
4.7



(1) The ratio of earnings to fixed charges was below one-to-one for the six months ended June 30, 2018. The earnings available for fixed charges was $2.3 million less than the total of fixed charges.