EX-12 2 Exhibit_12_1.htm  

 

EXHIBIT 12.1

 

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

(in thousands, except ratios)

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

  

$

97,271

 

$

855,960

 

$

357,159

 

$

659,271

 

$

681,334

 

Interest expense

 

 

215,384

 

 

216,661

 

 

218,581

 

 

182,705

 

 

118,360

 

Rental expense attributable to interest

  

 

2,650

 

 

2,406

 

 

1,906

 

 

1,553

 

 

1,193

 

 

Earnings

  

$

315,305

 

$

1,075,027

 

$

577,646

 

$

843,529

 

$

800,887

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

  

$

215,384

 

$

216,661

 

$

218,581

 

$

182,705

 

$

118,360

 

Capitalized interest

  

 

4,913

 

 

2,282

 

 

-

 

 

-

 

 

73

 

Rental expense attributable to interest

 

 

2,650

 

 

2,406

 

 

1,906

 

 

1,553

 

 

1,193

 

Preferred stock dividends

  

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

Fixed charges and preferred stock dividends

  

$

222,947

 

$

221,349

 

$

220,487

 

$

184,258

 

$

119,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

  

 

1.41

 

 

4.86

 

 

2.62

 

 

4.58

 

 

6.69

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends (b)

  

 

1.41

 

 

4.86

 

 

2.62

 

 

4.58

 

 

6.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)     The ratio has been computed by dividing earnings by fixed charges. For purposes of computing the ratio:

 

•          earnings include income from continuing operations before income taxes, adjusted for interest expense and the portion of rental expense deemed to be representative of the interest component of rental expense; and

 

•          fixed charges consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense.

 

(b)     The ratio has been computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratio:

 

•          earnings include income from continuing operations before income taxes, adjusted for interest expense and the portion of rental expense deemed to be representative of the interest component of rental expense; and

 

•          fixed charges and preferred stock dividends consist of interest expense, capitalized interest, the portion of rental expense deemed to be representative of the interest component of rental expense and preferred stock dividends.

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