EX-12.1 3 d881959dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth information regarding our ratio of earnings to fixed charges for each of the periods shown. For purposes of calculating this ratio, (i) earnings consist of income (loss) from continuing operations before provision (benefit) for income taxes and fixed charges and (ii) fixed charges consist of interest expense, which includes amortization of deferred finance charges, and imputed interest on our lease obligations. The interest component of rent was determined based on an estimate of a reasonable interest factor at the inception of the leases.

 

     Year Ended December 31,      Nine Months Ended
September 30,
 
     2009     2010     2011      2012      2013      2013      2014  
     ($ in thousands)  

Calculation of income/(loss) from continuing operations before income taxes and fixed charges

                  

Net income/(loss) from continuing operations

   $ (80,877   $ (9,914   $ 20,887       $ 205,287       $ 217,054       $ 267,961       $ 201,603   

Income tax expense

     —          —          —           71,296         129,200         164,233         52,242   

Loss from equity method investments

     —          —          107         14,571         —           —           —     

Fixed charges

     73,431       119,288       109,039        202,470         547,781         383,955         417,770   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings as adjusted

  (7,446   109,374      130,033      493,624      894,035      816,149      671,615   

Calculation of fixed charges

Interest expense

  69,883      116,163      105,375      197,308      538,805      378,500      412,695   

Interest on lease obligations

  3,548      3,125      3,664      5,162      9,148      5,455      5,075  
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

  73,431      119,288      109,039      202,470      547,953      383,955      417,770   

Calculation of earnings to fixed charges

  (0.10   0.92      1.19      2.44      1.63      2.13      1.61   

Coverage deficiencies

  80,877      9,914      —        —        —        —        —