EX-12.1 2 d499682dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratios of earnings to fixed charges for the periods presented (amounts in thousands).

 

     Year ended December 31,  
     2012      2011      2010     2009     2008  

Earnings:

            

Earnings before income taxes

   $ 805,312       $ 242,671       $ (44,357   $ (6,100   $ (6,064

add:

            

Fixed Charges

     122,535         88,278         1,777        74        45   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted Earnings

   $ 927,847       $ 330,949       $ (42,580   $ (6,026   $ (6,019
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Fixed Charges:

            

Interest Expense (includes capitalized interest)

     105,710         88,484         1,354        —            

Amortization of debt discount and expense

     9,806         3,174         67        —            

Estimate of interest within rental expense

     13,716         9,647         356        74        45   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Fixed Charges

   $ 129,232       $ 101,305       $ 1,777      $ 74      $ 45   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges (a)

     7.2x         3.3x         —           —             

Coverage deficiency (b)

     —           —          $ 42,580      $ 6,026      $ 6,019   

 

(a) For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes and fixed charges (excluding interest capitalized during the period). Fixed charges consist of interest expense (including interest capitalized during the period), amortization of debt discount and deferred financing costs and the portion of rental expense that is representative of the interest factor in these rentals.

 

(b) The earnings for the years ended December 31, 2008, 2009 and 2010 were inadequate to cover fixed charges.