EX-12.1 2 d10521dex121.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 financing 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.

 

     2010     2011      2012      2013      2014      Nine
Months
Ended
September 30,
2014
     Nine
Months
Ended
September 30,
2015
 

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

                   

Net income/(loss) from continuing operations

   $ (9,914   $ 20,887       $ 205,287       $ 217,054       $ 221,024       $ 201,603       $ (35,931

Income tax expense (benefit)

     —          —           71,296         129,200         64,860         52,242         (30,649

Loss from equity method investments

     —          107         14,571         —           —           —           —     

Fixed Charges

     119,288        109,039         202,470         547,781         523,649         417,770         444,448   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings as adjusted

   $ 109,374      $ 130,033       $ 493,624       $ 894,035       $ 809,533       $ 671,615       $ 377,868   

Calculation of fixed charges

                   

Interest expense

   $ 116,163      $ 105,375       $ 197,308       $ 538,805       $ 516,387         412,695         439,309   

Interest on lease obligations

     3,125        3,664         5,162         9,148         7,262         5,075         5,139   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

   $ 119,288      $ 109,039       $ 202,470       $ 547,953       $ 523,649       $ 417,770       $ 444,448   

Calculation of Earnings to Fixed Charges

     0.92        1.19         2.44         1.63         1.55         1.61         0.85   

Coverage deficiencies

     9,914        —           —           —           —           —           66,580   

 

(1) Earnings for the nine months ended September 30, 2015 were inadequate to cover fixed charges. The coverage deficiency was $66.6 million. Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $9.9 million.