EX-12.1 22 a2215107zex-12_1.htm EX-12.1

Exhibit 12.1

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

For the Year Ended December 31,

 

(dollars in thousands)

 

March 31, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

Computation of Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax Income (loss) before minority interest and equity investments

 

$

275,440

 

$

595,288

 

$

480,280

 

$

38,219

 

$

64,641

 

$

110,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

14,806

 

80,202

 

54,557

 

51,643

 

45,856

 

40,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(382

)

(3,022

)

(1,091

)

(1,747

)

(2,020

)

(1,812

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings

 

$

289,864

 

$

672,468

 

$

533,746

 

$

88,115

 

$

108,477

 

$

149,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

14,157

 

$

76,214

 

$

52,995

 

$

49,695

 

$

43,822

 

$

38,682

 

Capitalized interest

 

382

 

3,022

 

1,091

 

1,747

 

2,020

 

1,812

 

Interest portion of rental expense

 

267

 

966

 

471

 

201

 

14

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

14,806

 

$

80,202

 

$

54,557

 

$

51,643

 

$

45,856

 

$

40,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

19.6x

 

8.4x

 

9.8x

 

1.7x

 

2.4x

 

3.7x

 

 

Earnings available for fixed charges are calculated by determining the sum of income (loss) from operations before adjustments for taxes and income from equity investees, distributed income of equity investees and, fixed charges; less: capitalized interest.

 

Fixed charges are calculated as interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expenses (equal to one-third of rental expense).