EX-12.1 5 d287000dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES. Computation of Ratio of Earnings to Fixed Charges.

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands, Except Rations)

The following table sets forth our ration of earnings to fixed charges for the periods indicated on a consolidated historical basis. For the purposes of computing the ration of earning (loss) to fixed charges, “earnings (loss)” is defined as pre-tax income (loss) plus fixed charges. “Fixed charges” consist of interest expense and amortization of deferred financing fees.

 

                         Period from  
                         Inception  
                         (January 29,  
                         2008)  
                         through  
     Year Ended December 31,      December 31,  
     2011      2010     2009      2008  
           

(in thousands)

(Unaudited)

         

Earnings (Loss):

           

Pre-Tax Income (Loss)

    $ 15,041       $ (23,898 )    $ 663       $ 4,233   

Fixed Charges

      25,752         12,872        3,662         1,150   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Earnings (Loss)

      40,793         (11,026 )      4,326         5,383   

Fixed Charges:

           

Interest Expense

      21,333         12,671        2,917         872   

Deferred Financing Fees

      4,418         201        745         278   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Fixed Charges

      25,752         12,872        3,662         1,,150   

Ration of Earnings (Loss) to Fixed Charges

      1.58         — (1)      1.18         4.68   

 

(1) For the year ended December 31, 2010, earnings were inadequate to cover fixed charges. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $23.9 million for the year ended December 31, 2010.