EX-12.1 2 arr10-k2017exhibit121.htm EXHIBIT 12.1 Exhibit



EXHIBIT 12.1
 

RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED)


 
 
For the Years Ended
 
 
December 31, 2017
 
December 31, 2016
 
December 31, 2015
 
December 31, 2014
 
December 31, 2013
 
 
(in thousands)
Income (loss) before taxes
 
$
181,154

 
$
(45,517
)
 
$
(31,205
)
 
$
(179,048
)
 
$
(187,054
)
Fixed charges (interest expense)
 
$
94,558

 
$
73,107

 
$
59,278

 
$
65,113

 
$
84,550

Earnings adjusted
 
$
275,712

 
$
27,590

 
$
28,073

 
$
(113,935
)
 
$
(102,504
)
Ratio of earnings to fixed charges
 
2.92

 
0.38

 
0.47

 
(1.75
)
 
(1.21
)
Deficiency
 
$
—

 
$
45,517

 
$
31,205

 
$
179,048

 
$
187,054

Preferred stock dividends
 
$
15,880

 
$
15,622

 
$
15,622

 
$
15,620

 
$
14,213

Combined fixed charges and preferred stock dividends
 
$
110,438

 
$
88,729

 
$
74,900

 
$
80,733

 
$
98,763

Ratio of earnings to combined fixed charges and preferred stock dividends.
 
2.50

 
0.31

 
0.37

 
(1.41
)
 
(1.04
)
Deficiency
 
$
—

 
$
61,139

 
$
46,827

 
$
194,668

 
$
201,267