EX-12.1 3 a2211475zex-12_1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

(in thousands, except ratio)

 

Nine months ended
September 30, 2012

 

Year ended
December 31, 2011

 

For the period
from inception to
December 31, 2010

 

Earnings:

 

 

 

 

 

 

 

Net income (loss)

 

$

92,110

 

$

53,232

 

$

(52,040

)

Add:

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

50,577

 

29,609

 

(8,875

)

Fixed charges

 

117,201

 

68,797

 

53,673

 

Less:

 

 

 

 

 

 

 

Capitalized interest

 

(13,698

)

(10,390

)

(1,769

)

Earnings as adjusted (A)

 

$

246,190

 

$

141,248

 

$

(9,011

)

Fixed charges

 

 

 

 

 

 

 

Interest expense

 

$

102,861

 

$

57,692

 

$

51,743

 

Capitalized interest

 

13,698

 

10,390

 

1,769

 

Interest factors of rents(1)

 

642

 

715

 

161

 

Fixed charges as adjusted (B)

 

$

117,201

 

$

68,797

 

$

53,673

 

Ratio of earnings (loss) to fixed charges ((A) divided by (B))(2)

 

2.10

 

2.05

 

—

 

 

(1)                   Estimated to be 1/3 of rent expense.

 

(2)                   For the period from inception to December 31, 2010, earnings were insufficient to cover fixed charges by $62.7 million.