EX-12.1 5 a2231818zex-12_1.htm EX-12.1
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Exhibit 12.1

Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends

 
   Year Ended December 31,  
 
   2016   2015   2014   2013   2012  
 
   (in thousands)
  

Earnings (loss):

                                

Net earnings (loss) before income taxes

     13,356     (153,188 )   25,049     11,351     4,699  

Amortization of capitalized interest

     28     19     4     —     —  

Interest capitalized

     (186 )   (327 )   (327 )   —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings (loss)

     13,198     (153,496 )   24,726     11,351     4,699  

Fixed Charges:

    
 		    
 		    
 		    
 		    
 		  

Interest and debt expensed and capitalized

     22,764     19,563     14,130     12,488     15,905  

Portion of rentals representing an interest factor

     995     953     777     539     390  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     23,759     20,516     14,907     13,027     16,295  

Earnings (loss) available for fixed charges

    
36,957		    
(132,980
)		  
39,633		    
24,378		    
20,994		  

Ratio of earnings (loss) to fixed charges

    
1.56		    
(6.48
)		  
2.66		    
1.87		    
1.29		  

For the purpose of calculating the ratio of consolidated earnings to fixed charges:

    •
    "earnings" is the aggregate of the following items: pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; and less capitalized interest; and

    •
    "fixed charges" means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction.

    •
    For each period, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preference dividends is the same, because we had no preference equity securities outstanding during any of the periods.



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Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends