EX-12.1 5 d414076dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

 

     For the Six Months Ended                                
     June 30,     Year Ended December 31,  
     2012     2011     2011     2010     2009     2008     2007  
     (dollars in thousands)  

Fixed Charges:

              

Interest expense

   $ 139,673  (a)    $ 122,576  (a)    $ 243,818  (b)    $ 239,343  (b)    $ 186,137  (b)    $ 138,282  (b)    $ 117,185   

Interest component of rent

     267        199        510        872        1,052        800        767   

Capitalized interest

     6,607        784        3,052        1,265        —          365        1,987   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 146,547      $ 123,559      $ 247,380      $ 241,480      $ 187,189      $ 139,447      $ 119,939   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings:

              

Pretax (loss) income from continuing operations (c)

   $ 500,941      $ (99,295   $ 102,139      $ (256,115   $ (1,785,326   $ (1,481,006   $ 75,373   

Fixed charges

     146,547        123,559        247,380        241,480        187,189        139,447        119,939   

Less: interest capitalized in current period

     (6,607     (784     (3,052     (1,265     —          (365     (1,987

Add: previously capitalized interest amortized in current period

     409        159        377        246        222        481        197   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 641,290      $ 23,639      $ 346,844      $ (15,654   $ (1,597,915   $ (1,341,443   $ 193,522   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     4.4        —          1.4        —          —          —          1.6   

Insufficient coverage

   $ —        $ 99,920      $ —        $ 257,134      $ 1,785,104      $ 1,480,890      $ —     

 

(a) Interest expense for the six month periods ended June 30, 2012 and 2011 exclude the effects of ($3.6) million and ($1.4) million in unrealized (gains), respectively, on interest rate swaps.
(b) Interest expense for the year ended December 31, 2011, 2010, 2009 and 2008 excludes the effect of ($6.2) million, $8.4 million, $(0.4) million and $8.7 million unrealized (gain) loss, respectively, on interest rate swaps.
(c) Excludes undistributed income from equity investees.