EX-12.1 9 exhibit121.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1


RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ration 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2011
 
2012
 
2013
 
2014
 
2,015
Calculation of income/(loss) from continuing operations before income taxes and fixed charges
 
 
 
 
 
 
 
 
 
 
Net income from continuing operations
 
$
20,887

 
$
205,287

 
$
217,054

 
$
221,024

 
$
43,163

Income tax expense
 
—

 
71,296

 
129,200

 
64,860

 
11,012

Loss from equity method investments
 
107

 
14,571

 
—

 
—

 
—

Fixed Charges
 
109,039

 
202,470

 
547,781

 
523,649

 
612,280

Earnings as adjusted
 
$
130,033

 
$
493,624

 
$
894,035

 
$
809,533

 
$
666,455

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Calculation of fixed charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
105,375

 
$
197,308

 
$
538,805

 
$
516,387

 
$
605,223

 
Interest on lease obligations
 
3,664

 
5,162

 
9,148

 
7,262

 
7,057

Total fixed charges
 
$
109,039

 
$
202,470

 
$
547,953

 
$
523,649

 
$
612,280

 
 
 
 
 
 
 
 
 
 
 
 
Calculation of Earnings to Fixed Charges
 
1.19

 
2.44

 
1.63

 
1.55

 
1.09

 
 
 
 
 
 
 
 
 
 
 
 
Coverage deficiencies
 
—

 
—

 
—

 
—

 
—